Everyone wrong here!!! It's Covid stupid :-)18 Sep 2020 15:08
Reason for the downdraft in BP and other (value) shares today is due to new lockdown COVID restrictions and the market pricing in reduced demand for oil. Nothing to do with looney and BP strategy. The banks are a barometer for economic activity the same, lots of shares today have broken through pretty resilient support levels. Clearly the market opinion is that things are getting and going to get worse in terms of factors affecting economic recovery, the main risk to oil demand, services and consumption is COVID.