The FTSE 100 dropped 0.6% as big oil firms and banks dragged the blue chip index lower.
Royal Dutch Shell (RDSB) slipped 1.8% as an OPEC deal to freeze production threatened to fall apart ahead of Wednesday's summit.
Royal Bank of Scotland (RBS) and Barclays (BARC) were the biggest fallers in the banking sector, with Lloyds (LLOY) experiencing a smaller decline of 1.5%.
A 0.9% rise in the gold price to $1,189 per ounce pushed gold producers Fresnillo (FRES), Polymetal (POLY), Centamin (CEY) and Randgold Resources (RRS) higher.
West Texas Intermediate (WTI) and Brent crude oil rallied 2.3% to $47.15 and 48.34 per barrel, respectively.
Copper climbed 0.6% to $5,908 per tonne.
FTSE 250 RISERS AND FALLERS
Aberdeen Asset Management (ADN) was dragged into negative territory following a 39% decline in pre-tax profit to £352.7m.
SMALL CAP RISERS AND FALLERS
Shares in Ladbrokes Coral (LCL) dipped 2% to 123p on rumours that the newly-enlarged business wants to buy Australian rival Tabcorp.
Aerial platform group Lavendon (LVD) was in demand following a rival takeover approach after interest from TVH last week. European group Loxam made a possible cash offer but price details were not announced.
The market supported mining investor Metal Tiger's (MTR) decision to reject a takeover approach from metals miner BMR (BMR).
Software group Cerillion (CER) won a $2.8m contract from an existing customer in the Americas region.
Kainos (KNOS) fell 6.6% as it reported no growth in adjusted earnings per share at 4.8p. The company insisted it saw increasing levels of demand for its digital services and platforms.
Mongolian property developer Asia Pacific Investment Partners said it will float on AIM in December.
JD Sports Fashion (JD.) sprinted 4% higher after it bought camping equipment retailer Go Outdoors for £112.3m to enhance the group's outdoors business, including Blacks and Millets.
A 77% drop in pre-tax profit at telematics data insight provider Trakm8 (TRAK) and a warning about an uncertain second half caused investors to run for the exit, triggering a share price crash of 32% to 126p.