U.K. Energy Stocks Slide as Saudi Arabia Cuts June Prices: Job Placements Decline, UK

UK stocks traded lower on Monday as energy stocks dragged down the market. The decline came after Saudi Arabia, the top exporter, announced price cuts for Asia in June. In addition, a survey report compiled by S&P Global revealed that job placements in the UK declined at the end of the year, although the rate of decline was softer than before. Employers remained cautious about hiring amid uncertainty in the market. The KPMG/REC Report on Jobs also indicated a further decline in hiring by recruitment consultancies, with both permanent placements and temporary billings decreasing at slower rates. The benchmark FTSE 100 was down 0.3 percent at 7,667, following a 0.4 percent fall on Friday. Energy giants BP and Shell both saw declines, with BP falling around 1 percent and Shell losing 2 percent due to falling oil prices. Top exporter Saudi Arabia’s sharp price cuts, coupled with a rise in OPEC output, led to a decrease of more than 1 percent in oil prices. Shell also announced impairment charges of about $2.5 billion to $4.5 billion for the fourth quarter, mainly related to its Singapore assets. In more positive news, fintech company Plus500 saw a 6 percent surge after revealing that it had surpassed market expectations with its annual results.