BP Share News (BP.)

(ShareCast News) - London stock indices were held back on Monday as oil prices traded down towards their lowest levels in weeks. On the FTSE 100, Royal Dutch Shell and BP were lower as crude slumped below $44.00 on persistent oversupply concerns.Front-month Brent crude was down 1.4% to $45.03 by mid-afternoon, with West Texas Intermediate falling 1.8% to $43.41 a barrel.With worries about the world economy painting a dim demand picture, the current severe global oversupply situation looked likely to grow worse in the second half of the year, analysts said.A strong dollar and a data showing an increase in the US oil rig count also dragged on prices. The Baker Hughes rig count on Friday reported the fourth weekly increase in a row, up 14 to 271."Given the oversupply in the refined product markets, fading refinery margins, and economic run cuts, we expect crude oil demand to deteriorate further over the coming months," Morgan Stanley said.Barclays said weak economic growth had hurt the sector with global oil demand in the third quarter of 2016 expanding at less than a third of the rate compared to the same period a year earlier.Taking a technical view, analyst Lukman Otunuga at FXTM said with oil having been fundamentally bearish for an extended period, prices could be poised to decline further on this heady mix of both supply and demand fears."From a technical standpoint, prices are trading below the daily 20 SMA while the MACD has crossed to the downside. A decisive breakdown and daily close below $44 could encourage sellers to drag prices lower towards $40.Travel companies were also flying lower as concerns around terror attacks, geopolitics and a weaker pound rumble on, combined with Ryanair skirting a profit warning and instead warning that "there are significant risks to the downside during the remainder of the year" after the Brexit vote.British Airways owner IAG and EasyJet were both sent lower over the course of the day, with TUI showing the worries are not limited to airlines but the wider travel sector. Top performing sectors so far todayFixed Line Telecommunications 4,465.11 +1.80%Real Estate Investment & Services 2,427.89 +1.59%Food & Drug Retailers 2,594.25 +1.54%Insurance (non-life) 2,643.74 +1.35%Automobiles & Parts 6,738.31 +1.26%Bottom performing sectors so far todayOil & Gas Producers 7,577.52 -1.80%Oil Equipment, Services & Distribution 13,698.24 -1.43%Banks 3,199.28 -0.38%Mobile Telecommunications 5,271.46 -0.29%Aerospace and Defence 4,441.32 -0.14% FTSE 100 - FallersRoyal Dutch Shell 'B' (RDSB) 2,108.50p -1.84%Royal Dutch Shell 'A' (RDSA) 2,055.50p -1.74%BP (BP.) 445.65p -1.43%easyJet (EZJ) 1,015.00p -1.17%International Consolidated Airlines Group SA (CDI) (IAG) 401.40p -1.11%Randgold Resources Ltd. (RRS) 8,755.00p -1.07%Lloyds Banking Group (LLOY) 53.98p -0.94%TUI AG Reg Shs (DI) (TUI) 912.50p -0.92%Mediclinic International (MDC) 1,087.00p -0.91%Associated British Foods (ABF) 2,715.00p -0.73%