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FTSE 100 closes down as oil stocks drop and sterling gains

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Reuters UK

By Sruthi Shankar (Reuters) -A slump in oil stocks and rally in sterling weighed on Britain’s top share index on Monday, as investors looked ahead to the Bank of England’s next move on interest rates amid a weakening global economic outlook. As sterling hit a one-month high, the FTSE 100, packed with multinational companies that earn a large part of their revenue overseas, ended down 0.1%. The index had gained as much as 0.7% earlier. [GBP/] Shares of oil majors BP and Shell fell almost 2% each as crude prices sank nearly 5% after weak manufacturing data in several countries weighed on the dem…

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