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FTSE 100 Drifts Lower In Cautious Trade

U.K. stocks were subdued on Monday even as shares of energy companies soared on the back of a surge in oil prices amid heightened geopolitical tensions in the Middle East.

The benchmark FTSE 100 was down 11 points, or 0.15 percent, at 7,356 after rising 0.3 percent on Friday.

BP Plc shares jumped more than 4 percent and Royal Dutch Shell rallied 3.2 percent as oil prices surged the most on record after a drone strike on a Saudi Arabian oil plant.

U.K. and Irish-based explorer Tullow Oil soared as much as 10 percent after the firm announced it has made a second oil discovery off the coast of Guyana.

Airline stocks were moving lower, with Ryanair Holdings down 2.3 percent and
EasyJet declining 2.4 percent.

Man Group tumbled 3.5 percent. The company's Chairman Ian Livingston has decided to resign, effective 31 December 2019.

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