London Markets: FTSE 100 loses debate-fueled gain as oil, bank shares bite

U.K. stocks turned lower Tuesday, with a drop in bank shares and further pressure on oil prices putting the blue-chip index on track for a third straight decline.

The FTSE 100 UKX, -0.34% was down 0.2% to 6,804.21, but utility and consumer good shares were logging gains. The London benchmark on Monday dropped 1.3% as oil shares fell, with investors uncertain of the prospects for an oil output deal this week.

Oil deal in focus: On Tuesday, crude-oil prices CLX6, -2.50%LCOX6, -2.60% dropped more than 1% after both Iran and Saudi Arabia played down expectations that a firm oil-production agreement could emerge from an informal OPEC meeting on Wednesday in Algiers.

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