The FTSE 100 fell back on Wednesday, snapping a four-day winning streak that had carried the index above the 10,000 mark for the first time, as heavyweight energy stocks tracked weaker oil prices.
London’s blue-chip index was last down 0.6pc, while the more domestically focused FTSE 250 edged 0.1pc higher.
Fiona Cincotta, senior market analyst at City Index, said UK equities were being pulled lower by commodity-linked stocks amid declines in oil and precious metals.
“UK indices are being dragged lower by heavyweight commodity stocks, amid a drop in oil and precious metal prices,” she said.
Shares in Shell and BP remained down more than 3pc after Donald Trump said Venezuela would release up to 50 million barrels of oil onto the market.
Ms Cincotta said oil majors were “tracking the price lower” as Brent crude slid by as much as 1.4pc earlier in the session and was last down 0.2pc.
Precious metals were also under pressure, trimming recent gains for miners. Fresnillo was trading around 3pc lower, while Endeavour Mining slipped just over 1pc.
Ms Cincotta added that markets would continue to monitor political developments involving the US and Greenland following President Trump’s stated intention to acquire the territory, a move that has drawn concern from European leaders.
