Why Oil Prices Are Stuck in the Mud — ICYMI [TheStreet.com]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: TheStreet.com
Investors are looking ahead towards the eventual end of the coronavirus and a return to economic growth. And OPEC has cut oil production. But oil prices have given back their recent gains.One might think that, as the S&P 500 had fallen 34% from its all-time high and then rebounded 30% from its 2020 low, oil might follow the same path. Crude oil, down about 66% year-to-date, hit a 2020 low of $20 per barrel in late March, as the coronavirus decimated oil demand and OPEC struggled to come to terms on an agreement to limit production because Saudi Arabia and Russia refused to end their competitive price war.When news broke that OPEC was meeting and progressing towards a production cut agreement, crude oil rose 40% to $28.34 from its 2020 low. It has completely given up that gain, driven by an 8% down day Thursday.OPEC agreed to cut oil productionThree main drivers are at play, one of which is long-term. The market had already priced in an agreement between OPEC members, which is why the
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News
- BP, Iraq Advance Redevelopment of Kirkuk Oil Fields [Yahoo! Finance]Yahoo! Finance
- BP p.l.c. (NYSE: BP) had its price target lowered by analysts at Piper Sandler from $36.00 to $32.00. They now have a "neutral" rating on the stock.MarketBeat
- BP (BP) Ascends While Market Falls: Some Facts to Note [Yahoo! Finance]Yahoo! Finance
- Sir Jim Ratcliffe's Ineos says U.K. is too ‘negative' as chemicals group opts to pump $3 billion into Trump's U.S. instead [Fortune]Fortune
- BP: A Cannibal Stock In The Making? [Seeking Alpha]Seeking Alpha
BP
Earnings
- 10/30/24 - Beat
BP
Sec Filings
- 12/19/24 - Form 6-K
- 12/10/24 - Form 6-K
- 12/5/24 - Form 6-K
- BP's page on the SEC website