LONDON,(KUNA) — Oil-dependent stocks were weighing on the London Stock Market Monday following a surge in the cost of crude over last weekend.
British Airways (BA) was among the top fallers, contributing to a lackluster start to the week by the Financial Times (FT) Index of the top 100 company shares.
The FT Index stood 1.9 points higher at 5001.3 by late morning, although it refused to mirror sharp falls seen across the Atlantic last Friday.
The Dow Jones Industrial Average lost more than 90 points following worse-than-expected US unemployment data, dealers said.
US light sweet crude for July delivery gained 33 cents to 55.36 dollars a barrel.
In London, Britain”s North Sea benchmark Brent crude for July delivery advanced 37 cents to 54.54 dollars a barrel.
BA retreated 1.25 pence to 268.75 pence.
However, this lifted oil giants British Petroleum (BP) and Shell, which advanced 4.5 pence and 1.5 pence to 565.5 pence and 489.5 pence respectively.