London's FTSE 100 crept into the green on Monday, having traded much of the day lower the week lower as lower oil prices weighed on the performance of the index's largest firms.

The capital's premier bluechip index closed 0.06 per cent higher at 7,694.19 while the FTSE 250, which is more aligned with the UK domestic market, ended 0.95 per cent higher at 19,393.80.

For much of the day, the FTSE 100 was dragged lower by its oil and gas giants, which followed the price of oil lower on Monday.

Brent crude lost around one per cent after Saudi Arabia cut prices and OPEC raised production. Shell lost 2.9 per cent on Monday trade while BP fell 2.6 per cent. But a late rally tipped the bluechip index into the green, with retailers and insurers leading the charge.

On the FTSE 250, engineering firm Senior suffered given its exposure to Boeing, which has been forced to ground its 737 Max 9s.

Senior is an engineering firm which makes components and systems for manufacturers, including Boeing and Airbus. Its shares were down 2.5 per cent.

The week will be dominated by US CPI figures, which are due on Thursday. Markets expect the headline rate of inflation to pick up marginally to 3.2 per cent from 3.1 per cent the month before, reflecting a slower fall in gas prices. However, traders think core inflation will fall below four per cent for the first time since early 2021. The easing in core inflation would largely be driven by a "drop-back in used vehicle prices", analysts at Capital Economics noted.

(c) 2024 City A.M., source Newspaper