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Oil stocks fell in London on Tuesday, keeping the FTSE 100 benchmark’s overall gains in check, as expectations for a cut in global oil production came into question.┬áThe FTSE 100 rose less than two points to close at 6,731.14, with the utilities, financial, industrial groups contributing to the meager advance.

But the oil-and-gas sector slumped 0.9% as losses in crude-oil futures accelerated toward the end of the trading session. Nymex WTI crude for January delivery (CLF5) fell below $75 a barrel after news reports first indicated that there was no agreement to cut oil production at a meeting of officials from Venezuela, Saudi Arabia, Mexico and Russian oil giant OAO Rosneft .

The officials met in Vienna ahead of Thursday’s meeting by the Organization of the Petroleum Exporting Countries. There has been speculation that OPEC would decide to cut production to reduce oversupply of the commodity. A subsequent report indicated that a compromise to trim production may be near.

Still. shares of oil major BP PLC ended 1.1% lower, Royal Dutch Shell PLC (RDSB) fell 1%, BG Group PLC gave up 1.2% and Tullow Oil PLC was off 0.4%.

The “full OPEC summit on Thursday remains the key make-or-break conference this week,” said Tim Evans, energy futures specialist at Citi, in a note late Tuesday, adding the oil market “may be nervous on relatively light volume until OPEC announces its policy.”

Shares of Kingfisher PLC suffered throughout the session, falling 4.2% as the home-improvement retailer said third-quarter profit and sales declined, largely because of adverse foreign-exchange movements and a weak market in France. Total group sales at the company, whose brands include B&Q and Screwfix, fell 3.6% to 2.82 billion pounds ($4.41 billion) during the 13 weeks to Nov. 1. Group retail profit was GBP225 million, hurt by a GBP13 million cost from translating overseas profits into sterling.

Supermarket stocks also ended in the red, leaving J Sainsbury PLC at the bottom of the FTSE 100 as its shares fell 4.4%. Wm. Morrison Supermarkets PLC gave up 3.3% and Tesco PLC ended 2.8% lower.

But shares of Petrofac Ltd. turned higher by 1.5%, winning back a slice of Monday’s 26% tumble, which came after the oil-services firm cut its profit forecast. Deutsche Bank on Tuesday downgraded Petrofac to a hold rating and Credit Suisse cut its rating to neutral from outperform, noting Petrofac’s outlook for 2015 profit of $500 million is 27% below consensus expectations.

“Although the moving parts in the guidance are relatively clear, we feel the main sentiment driver will be the admission that project execution has fallen well short of management’s exalted record, lowering confidence over the quality of future earnings,” wrote Credit Suisse analyst David Thomas in a note.

Elsewhere in the resources sector, a deal between commodity giants Glencore PLC and Rio Tinto to create the world’s largest mining group appears inevitable, sector-merger expert Ian Hannam has speculated.

“If not today, this deal will happen sometime in the near future,” said Hannam, a former J.P. Morgan Chase & Co. dealmaker and commodity-merger expert, told more than 20 investors, Bloomberg News reported on Tuesday. Shares of Glencore fell 0.4% while Rio Tinto shares ended up 0.3%.

Pound rebound: Meanwhile, the pound regained the $1.57 level against the dollar, with the greenback stalling in the wake of mixed economic data. Growth in third-quarter gross domestic product was raised to 3.9% from 3.5%, but there was an unexpected decline in consumer confidence in November from October, according to the Conference Board.

The pound had been lower earlier in the day as officials at the Bank of England gave largely “neutral to dovish” testimony before lawmakers, said Ashraf Laidi, chief global strategist at City Index, in an interview Tuesday.

Bank of England Governor Mark Carney said policy makers have been focused on the timing and pace of eventual tightening of monetary policy. He also warned that sluggish growth in the eurozone presents a downside risk for the U.K. economy.

The pound late Tuesday bought $1.5720 versus $1.5707 late Monday.

Sterling has been on “a relentless decline since the July pop,” to around $1.71, said Laidi, adding that pressures against the currency included Scotland independence referendum in September, and election success by the UK Independence Party, or UKIP, increase the chance of a hung parliament after the general election next year.

If sterling closes the week above $1.5658, it will mark the first weekly gain for the currency against the dollar since mid-October, said Laidi.

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Will you be in London on Dec. 3? Then you’re invited to our MarketWatch Investing Insights event, “The worse Europe gets, the more you should invest.”

Governments are in trouble, reform efforts have stalled, unemployment is climbing. The news from the eurozone is bleak, and investors are fleeing. But that’s a mistake: The worse the economic data from Europe get, the more you should be buying. Why? Because actions by the ECB will boost asset prices and the stock market in particular. And, big exporters can grow sales. Lower costs and steady sales translate into higher profits and dividends. Join us for an evening of cocktails and conversation to explore these opportunities.

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