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Oil oversupply weighs on shares

Wed: London Stock ExchangeOil prices reversed the previous day’s gains on concerns about over supply. Shares in BP, Tullow Oil and Nostrum Oil & Gas  fell back.

Brent crude fell 3.2% to $36.61 per barrel and West Texas Intermediate dropped 3.1% to $36.70 per barrel at 1628 GMT.

In corporate news Rolls-Royce was in the red after members of the UK parliament were reportedly set to meet the group’s boss Warren East to discuss his restructuring plans for the aerospace and defence group following its five profit warnings.

Supermarkets were under the cosh, including Sainsbury’s and Ocado, on concerns about Amazon’s plans to expand its UK grocery delivery service .

Payments processor Worldpay, which listed on the London stock market in October and marched its way into the FTSE 100 this month, was enjoying a solid end to the year. Meanwhile, consumer goods stocks were also in the black, with Reckitt Benckiser and Unilever both higher.

Sports Direct was also on the back foot, having been the subject of a damning report by the Guardian earlier this month over the way it treats its staff.

The FTSE100 closed down 40.5 at 6,274,05.

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