FTSE 100 edge lower amid dip in crude oil prices

London's main index was dragged into the red on Monday as oil majors weakened amid a dip in crude prices, offsetting gains in bank stocks, while office group IWG pushed midcaps higher after divestiture plans for its Japan business. The FTSE 100 was 0.1 per cent lower, while the FTSE 250 added 0.2 per cent by 0720 GMT.

Shell and BP continued a three-day losing streak, following a dip in oil prices after a five-month high in the previous session despite support from concerns over global supplies. Meanwhile, financials inched toward a 6-month high, lifted higher by a read-across from upbeat results posted by U.S. bellwethers JP Morgan and Wells Fargo last week. Strong bank loan data from China also aided. Lloyds, Prudential and Barclays were among the best blue-chip performers. Midcaps recorded strong news-related moves in early trading.

Serviced office space provider IWG surged 20 per cent to a two-year high after plans to sell its Japanese operations for 320 million pounds and a double upgrade from Credit Suisse on the stock. Mediterranean-focused Energean Oil & Gas jumped over 10 per cent to a record high after announcing new gas discovery at Karish North exploration well. Builder Kier added nearly 3 per cent as it said its newly appointed CEO planned to review the business to cut debt and respond to problems afflicting the wider outsourcing industry. 

(With inputs from agencies.)