BP Shares Drop 3.3% as Brent Crude Falls Below $90
BP•FTSE 100 jumped 89 points to 10,393 at the open as Brent crude futures slipped 1.6% to near $88.80 per barrel. BP shares fell 3.3%, underperforming the index rally following oil’s drop below $90.
1. FTSE 100 Opens Strong
At the open, the FTSE 100 jumped 89 points to 10,392.88 as investors reacted positively to hopes for a Middle East peace deal and broad sector gains led by mining and housebuilding stocks.
2. Oil Prices Retreat Below $90
Brent crude futures fell 1.6% to around $88.80 per barrel, marking a three-month low as easing conflict tensions reduced stagflation concerns and spurred a market-wide rally.
3. BP Shares Underperform
BP shares fell 3.3%, underperforming the broader index rally as the drop in oil prices pressured the energy major’s near-term revenue outlook and prompted sector-wide profit-taking.
