The recent oil price plunge has dragged down the share value of UK-based oil and gas supermajors Shell and BP.
The slump in oil prices so far this week has dragged down shares in the top UK-based oil and gas supermajors, Shell and BP, with their stock falling on Tuesday and pushing London’s main FTSE 100 index in the red. As oil prices fell by more than 3% on Monday and continued to drop early on Tuesday, shares in BP and Shell also slumped in London today. BP LON BP was down by 3.7%, and Shell ’s LON SHEL stock had dropped by 2% as of 2 p.m. in London on Tuesday.
The Brent Crude price slumped on Monday below the $80 per barrel threshold, for the first time since February, after OPEC confused the market with its production decision this weekend and bearish sentiment continued to build about economic weakness ahead, which could affect oil demand. After losing more than 3% on Monday, oil prices continued to slide on Tuesday, and Brent Crude was down by nearly 2% at $76.82 per barrel as of 925 a.m. EDT, while the U.S. benchmark, WTI Crude, had slumped by 2.
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