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Oil and Mining Stocks Hamper FTSE 100

Tue, 21st May 2019

The UK’s leading index slipped to a six-week low last week, dragged down by declining mining and oil stocks. The FTSE 100 dropped to its lowest level since the beginning of October, with Glencore, Anglo American, Shell and BP all struggling. The falls came after global oil prices dropped by more than 1%, down to $61.40 a barrel, with other commodities also trending downwards. Oil prices had already fallen on Tuesday, with warnings coming from the International Energy Association that demand was slowing down and stockpiles were increasing.

Shares in Royal Dutch Shell slipped by 14 percent, and BP fell by 1.2 percent, down to 496.95p. Glencore, Rio Tinto and Anglo American all fell by more than 2 percent, thanks to falling metal prices. Meanwhile, gold miner Fresnillo was one of the better performers of the day, gaining after gold prices climbed by 0.3 percent, up to $1,284.30 per ounce.

Meanwhile, there are still some fears about the wider political situation - as Theresa May is coming under pressure from Tory rebels because of the lack of progress in the Brexit negotiations. A group of 15 politicians have threatened to team up with labour MPs to block the Brexit date being enshrined into law, warning that the lack of progress in the negotiations would put the UK in a dangerous position if it was forced to leave the European Union without working out the full terms of the divorce regarding trade, citizen rights and other issues.

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