Source: Sharecast
The FTSE 100 was called to open around 12 points lower. At 0720 BST, Brent crude was down 1.3% at $103.48 a barrel and West Texas Intermediate was 1.1% lower at $100.81.
Figures released earlier by the Office for National Statistics showed that retail sales unexpectedly bounced back in August.
Sales rose 0.5% last month following a 0.5% decline in July, beating expectations for a 0.2% fall.
In the three months to August, sales were up 0.9%, the ONS said, with warm weather lifting sales of items such as fans and air conditioning units, and retailers also benefitting from sales of sports merchandise and clothing.
ONS senior statistician Jon Gough said: "Retail sales increased in the latest three months, with a particularly strong June for online outlets helping to boost their sales across the period. Food store sales also rose, with supermarkets doing well in July and August.
"Meanwhile, retailers selling alcohol and beverages performed well across all three months, which they attributed to promotions, the hot weather and the World Cup."
In corporate news, banking and wealth management group Investec said it expects to deliver interim results in line with guidance, with its stable year‑to‑date performance supported by disciplined execution, strong client activity and continued balance‑sheet growth.
For the six months ended 30 September, Investec guided to adjusted earnings per share between 41.7p and 43.3p, up between 3% and 7% on the prior period, while headline earnings per share were expected to come in between 38.1p and 39.7p, and basic earnings per share were set to rise by between 1% and 5% year-on-year.
Harworth reiterated its firm rejection of Peel Holdings' increased takeover offer, arguing the revised terms continued to undervalue the business and its long‑term prospects.
Peel lifted its cash bid from 172.5p to 177.5p per share earlier in the week and subsequently triggered a mandatory offer after its stake, together with concert parties, rose to 30%.
Harworth's board said it had reviewed the higher offer with its advisers and remained "unanimous and unequivocal" in its view that the proposal significantly undervalued the group.