FTSE 100 Dips as Investors Await Crucial US Inflation Data Release

The FTSE 100 index took a hit on Tuesday, closing 18.31 points lower at 10,844.19 due to mixed market conditions.

Oil majors BP and Shell gained ground, increasing by 2.2% and 1.8% respectively, as Brent crude prices hovered around $88.22 per barrel.

However, insurers such as Legal & General and M&G suffered a decline of 3.1% and 3.3% after being downgraded to 'sell' by UBS.

The market is now eagerly anticipating the release of US inflation data on Wednesday, which could provide clues about the Federal Reserve's next move following last week's weak jobs report.