London - Britain's top share index slipped to a one-week low on Friday, with energy and mining stocks slumping following a further drop in oil prices to a new four-year trough.
Miners came under pressure as copper slid to an eight-month low on worries over slowing global growth and as a rout in oil prices, after OPEC decided not to cut oil output, triggered selling across commodities.
The UK mining index fell 1 percent, while BHP Billiton was down 3.2 percent.
The UK Oil and Gas index dropped 3.3 percent, the biggest sectoral decliner.
BP, BG Group, Tullow Oil and Royal Dutch Shell fell 2.8 to 7.2 percent, while mid-cap Premier Oil sank 12 percent.
“The OPEC decision to maintain output is having a negative impact on the sector. Resources sectors such as oil and mining will continue to underperform over coming months,” said John B. Smith, senior fund manager at Brown Shipley.
“Falling oil prices are bad for oil shares but good for consumers, which is why shares in companies such as Easyjet and Whitbread are higher.”
British low-cost airline easyJet, Ryanair and British Airways owner IAG rose between 1.2 and 2.9 percent, limiting the broader market's decline.
The blue-chip FTSE 100 index was down 0.7 percent at 6 676.14 points by 11:21 SA time after falling as far as 6 669.69, its lowest since November 20.
The index, which is down about 1 percent this year, hit a two-month high late last week.
“Overall, trading is expected to be subdued, with the US markets closing early, and very few major economic data are scheduled to be released today,” said Markus Huber, senior analyst at Peregrine & Black. - Reuters