Sector movers: Resource stocks drop as crude prices sink

Oil producers such as Shell, BP, Tullow Oil, Premier Oil and Afren were trading with heavy losses. Energy services stocks were also under pressure, including Weir Group, Hunting and Wood Group.

Brent crude was down 5.3% at $53.42 a barrel, extending declines after hitting a fresh five-and-a-half-year low on Friday on the back of record supplies from Iraq and Russia. West Texas Intermediate was down 4.1% at $50.51 a barrel.

"Data that Russia is pumping the most oil since Soviet times and Iraq it’s highest since the eighties are reinforcing the story of a global supply glut," said analyst Jasper Lawler from CMC Markets UK.

BP was also weighed down by speculation that the recent collapse of oil and weakness in the value of the rouble will hit its fourth-quarter results, due to its exposure to Russia through its stake in Rosneft.

Mining stocks were also down, including BHP Billiton, Anglo American and Glencore, as copper prices fell for a third day.

Copper hit its lowest in over four years the previous session and was down a further 1.5% at $6,149.75 a metric tonne in afternoon trade.

Top performing sectors so far today

Health Care Equipment & Services 6,734.90 +1.22%
Real Estate Investment Trusts 3,064.40 +0.66%
Household Goods & Home Construction 12,715.53 +0.48%
Real Estate Investment & Services 2,697.75 +0.22%

Bottom performing sectors so far today
Industrial Metals & Mining 1,425.11 -4.80%
Oil Equipment, Services & Distribution 15,959.33 -4.26%
Oil & Gas Producers 6,882.51 -3.72%
Mining 13,707.21 -3.30%
Food & Drug Retailers 2,737.94 -2.86%