UK oil companies fall tracking decline in crude prices

Chariot

26/09/2024 08:34

** Shares of British oil majors Shell  SHEL.L  and BP  BP.L 
drop 4% and 4.6%, respectively, tracking weaker crude prices
    ** BP, Shell among top pct losers on the blue-chip FTSE 100
 .FTSE  index 
    ** Brent  LCOc1  crude futures down 2.42% at $71.68/bbl,
while U.S. West Texas Intermediate crude  CLc1  2.45% lower at
$67.98/bbl as of 0714 GMT  O/R 
    ** Oil prices dropped as news of top exporter Saudi Arabia
giving up its crude oil price target in preparation for expanded
production weighed on the market
    ** "Investors saw Saudi Arabia's move as a sign that the
kingdom is preparing for a period of lower prices... There is a
decent chance for the bears to stay in charge for a while
longer," says Charalampos Pissouros, senior investment analyst
at brokerage XM
    ** The largest British North Sea oil and gas producer
Harbour Energy  HBR.L  shed 2.4% to 262.30p
    ** Shares of I3 Energy  I3E.L , Ithaca Energy  ITH.L ,
Tullow Oil  TLW.L  and Chariot Ltd  CHARC.L  slip between 1.2%
and 2.3%

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))