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Better-than-expected results from BP helped to lift the sector, but by 09:37 GMT the index was down 7.49 points at 5,200.14, Reuters reports.
BP added 4.7 per cent following its third-quarter financial results, which also promoted BG Group, Royal Dutch Shell and Cairn Energy to climb by between 0.1 per cent and 1.1 per cent.
Elsewhere, there were falls for Lloyds Banking Group and the Royal Bank of Scotland - which shed 4.6 per cent and 5.6 per cent respectively - while HSBC, Standard chartered and Barclays were also lower.
The trend echoed that seen on the FTSE 100 during morning trading yesterday, when investor activity was largely muted despite gains from oil stocks, mining firms and defensive companies such as pharmaceutical giant AstraZeneca.
