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Share Price Information for BP (BP.)

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Share Price: 490.80
Bid: 490.45
Ask: 490.55
Change: -0.45 (-0.09%)
Spread: 0.10 (0.02%)
Open: 488.80
High: 491.55
Low: 486.00
Prev. Close: 491.25
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Oil prices fall sharply on Chinese unrest

Mon, 28th Nov 2022 12:36

(Sharecast News) - Oil prices fell on Monday, as rare social unrest in China weighed heavily on both equities and commodities.

As at 1230 GMT, benchmark Brent Crude was down 3% at $81.24 per barrel, while WTI was off 3% at $74.20.

The weakness also pushed both BP and Shell lower in London, with the oil majors down 2% at 479.75p and 1% at 2,340.7p respectively.

China saw a wave of demonstrations over the weekend, after tens of thousands took to the streets in a number of cities, including Shanghai, Beijing and Wuhan, over strict Covid-19 controls.

The Chinese authorities are following a policy of zero-Covid, which has seen months of stringent lockdowns, electronic surveillance and mass testing. In contrast, most other countries have dropped most if not all Covid-19 restrictions.

The surprise outbreak of civil disobedience, which is rare in China, saw the Hang Seng Index close sharply lower on Monday, and the renminbi lose ground against the dollar, as well as curbing oil prices.

Victoria Scholar, head of investment at Interactive Investor, said: "Oil prices are trading sharply lower, after protests sparked concerns about weakening demand from the world's largest economy."

The unrest comes at a pivotal time for world oil prices. Opec and its allies, known as Opec+, are due to meet this weekend, after agreeing to cut output at its last meeting in October, despite international opposition. Last week de facto leader Saudi Arabia denied reports that the cartel was mulling a potential increase in output.

And in Europe, European Union countries are holding last-ditch talks over what level a price cap for Russian oil should be set at. The measure is due to come into force next week, to coincide with the introduction of a previously-agreed EU embargo on seaborne Russian oil and a similar ban in the UK.

Naeem Aslam, chief market analyst at AvaTrade, said: "It is demand that is creating the main issue for the price, and the fact that we have a potential recession threat and now the Covid issues in China, things are becoming difficult for oil traders.

"The reality is that no one wants to see more lockdowns in China, as a situation like this creates nothing but more headwinds for oil prices. Nonetheless, Opec's meeting remains the main anchor for oil prices this week. There is no doubt that prices are likely to remain highly volatile as [they] are likely to react to all kinds of rumours. So far, what is priced in is that Opec+ isn't going to increase production. Anything that deviates from this could make the price swing by a significant margin."

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2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

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2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

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2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

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2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

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28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

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27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

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27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

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27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

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27 Mar 2024 08:31

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

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25 Mar 2024 16:51

LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

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21 Mar 2024 15:00

UK dividends calendar - next 7 days

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19 Mar 2024 16:57

LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

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19 Mar 2024 11:52

LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

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18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

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15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

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