Shell Shares Slip 2.4% as Brent Crude Retreats Below $90
SHEL•FTSE 100 opened with an 89-point gain to 10,392.88 as Brent crude futures fell 1.6% below $90 per barrel. Shell shares dropped 2.4% on the oil retreat despite broader equity strength, while the UK economy contracted 0.1% in April.
1. Market Rebound Boosts FTSE 100
The FTSE 100 gained 89 points to 10,392.88 at the open as investor optimism rose on signs of a potential peace deal in the Middle East. Broad equity strength was led by miners and housebuilders, offsetting early pressure on energy stocks.
2. Brent Crude Retreats below $90
Brent crude futures slipped 1.6% to around $88.80 per barrel, marking a three-month low as hopes of conflict resolution outweighed supply concerns. The drop in oil prices reversed recent gains and weighed on major energy producers.
3. Shell Shares Decline 2.4%
Shell shares fell 2.4% following the oil price retreat, underperforming the broader market despite a resilient FTSE opening. BP also saw a 3.3% decline as both majors felt the impact of softer commodity prices and shifting sentiment.
