FTSE 100 dragged lower by oil firms

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FTSE 100 Index

Last Updated at 04 Sep 2017, 11:23 GMT *Chart shows local time FTSE 100 intraday chart
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(Close): The London market came under pressure again, with shares in oil firms being hit by the recent decline in the price of crude.

After rebounding on Friday, the FTSE 100 fell 43.22 points or 0.68% to 6,267.07.

The largest faller was BG Group which fell 3.8%. was 2.9% lower.

Petrofac dropped 2.8% after three investment banks cut their price target for the company's shares.

Last week, the price of Brent crude oil hit a near four-year low of $82.60 a barrel. On Monday, Brent stood at $84.74 a barrel, while US crude also fell to $81.89 a barrel.

Tesco shares rose 2.7% to 179.30p after a report in the Times said some private equity groups were planning to bid for the supermarket's Asian business.

Tesco is due to report half-year results on Thursday, when it should give more details on its profits guidance error.

Its shares have dropped 20% since it warned last month that it could have overstated its half-year profit guidance by £250m.

Outside the FTSE 100, shares in Spirit Pub Company jumped 9.62% after Greene King improved its takeover offer for the company.

Spirit says its board will accept the bid if other terms can be worked out.

On the currency markets, the pound rose 0.48% against the dollar to $1.617, while against the euro it was up 0.19% at 1.263 euros.