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The FTSE 100 index of leading shares dropped by 18 points, or 0.4 per cent, after seeing shares rise yesterday, reports the Financial Times.
Existing gains from the banking sector were locked in by traders after US bank Goldman Sachs revealed strong first-quarter earnings.
Matt Buckland, a dealer at CMC Markets, commented: "Profit taking among the banks after recent gains in the sector looks set to weigh on sentiment ... once again serving to emphasise the challenge of breaking above the 4,000 level on the London index."
Royal Dutch Shell saw its share price rise slightly by 0.3 per cent, while BP increased in value by 0.2 per cent.
Meanwhile, Tullow Oil was up 0.5 per cent.
In related news, the Organisation of Petroleum Exporting Countries has cut its forecast for oil demand for the eighth month in a row.
