FTSE 100 closes 0.35 percent higher at 10,767.22 points despite oil drag

The FTSE 100 ended Monday's session at 10,767.22 points, according to FTSE 100 market data. The index gained 37.44 points, equivalent to 0.35 percent, from the previous close of 10,729.78. The closing timestamp was 16:29:59 UTC on November 2, corresponding to the end of the London trading session.

Oil weakness limits gains

Lower crude prices initially put pressure on the London benchmark. Hopes for progress in indirect talks involving the United States and Iran reduced concern about an immediate disruption to energy supplies, weighing on oil majors and other energy shares. A midday report by Reuters said the energy sector was down 1.2 percent at 11:30 GMT, with Ithaca Energy and BP among the weaker index constituents. Healthcare stocks also limited the broader advance.

The retreat in oil nevertheless supported risk appetite in parts of the market. Reuters reported gains in aerospace and defense, as well as in consumer-facing personal care, pharmaceutical, food and beverage groups. The mixed sector performance left the FTSE 100 relatively subdued for much of the session before it finished in positive territory.

Rate decision remains in focus

Investors are also positioning for the Bank of England's interest-rate decision later this week. Reuters identified the policy meeting as a central focus for markets, with September inflation above expectations adding to the case for close attention to the central bank's next steps. The rate outlook remains relevant for banks, domestic-facing companies and sterling-sensitive sectors, although Monday's index move was primarily shaped by the contrasting effects of weaker oil and gains elsewhere.

For further coverage of the FTSE 100, see the FTSE 100 topic page.