Nov 3 - The UK's FTSE 100 fell on Friday as lower oil prices pulled down heavyweight energy stocks, but both the benchmark index and the FTSE 250 posted weekly gains as hopes that the end of the global monetary tightening cycle is nearing boosted risk appetite.
The oil and gas sector fell the most, down 3.4% as it tracked a more than 1% fall in oil prices as supply concerns driven by the Middle East conflict eased and top importer China's demand outlook remained uncertain. Interest rate sensitive stocks extended gains after the Bank of England held interest rates at a 15-year peak of 5.25% on Thursday, although it said did not expect to cut them any time soon.Sterling strengthened and was last up 1.4% against the dollar and set for its biggest weekly gain in nearly a year.