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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/ftse-closes-lower-despite-fightback.jpg"><img class="alignnone size-full" title="The FTSE 100 index fell 3.6 points to close on Thursday at 5920" src="http://londonglossy.com/wp-content/uploads/2011/02/min-ftse-closes-lower-despite-fightback.jpg" alt="The FTSE 100 index fell 3.6 points to close on Thursday at 5920"/></a></p>
<p>The FTSE 100 Index finished down for the fifth consecutive session despite staging a rally as oil prices eased down from their recent highs.</p>
<p>Brent crude oil prices had pushed up to more than 119 US dollars a barrel in early trading as the continuing crisis in Libya threatened production, but they fell to about 114 dollars after reports that oil cartel OPEC had said it could make up the shortfall.</p>
<p>The Footsie, which had been down by 60 points earlier in the day as oil prices hit their highs, regained most of its losses but still closed down 3.6 points at 5920. The fightback was driven by a surge in the price of oil companies whose shares increased as oil prices fell away. Tullow Oil was up 3%, while BP and Royal Dutch Shell were both up 1%.</p>
<p>Libya accounts for nearly 2% of the world&#8217;s oil production and prices have soared as some foreign oil companies have been forced to abandon production in the country.</p>
<p>The pound surrendered some of its recent gains after the CBI&#8217;s distributive trades survey revealed a sharp slowdown in retail sales volumes this month. The pound was at 1.61 against the greenback and 1.17 against the single currency.</p>
<p>In a busy session for corporate results, part-nationalised Royal Bank of Scotland fell 4% or 1.7p to 45.6p as losses of £1.1 billion came in higher than market expectations, offsetting comments from chief executive Stephen Hester that the bank&#8217;s five-year turnaround plan remained on track.</p>
<p>Lloyds Banking Group, which is expected to post profits of around £2 billion on Friday, rose 0.3p to 65.8p.</p>
<p>Centrica regained its poise after a shaky start, up 1.5p to 333.6p, as it reported a 29% jump in profits to £2.4 billion, a performance that included a record surplus of £742 million from its British Gas residential arm.</p>
<p>Analysts said the results did little to ease fears that Ofgem could refer the energy sector to the Competition Commission for further investigation.</p>
<p>Support services firm Capita topped the risers board, lifting 48p to 718p, after a 12% rise in underlying profits and a record pipeline of contract bids at £4.7 billion. It cheered investors by saying its markets were becoming more active and that it stood to benefit from this trend.</p>
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