Shell, BP slip as oil heads for worst week in a year

Shell, BP slip as oil heads for worst week in a year

Shares in FTSE 100 heavyweights Shell PLC and BP PLC slipped on Friday as oil prices appeared to head towards their largest weekly decline in almost a year.

At US$72.65 a barrel on Friday morning, Brent crude had fallen more than 8% over the course of the week, white West Texas Intermediate was down 9% at US$69.17.

This was in spite of news the OPEC+ cartel would delay a planned increase in production from October to December.

Fears over a supply surplus into next year have emerged recently, with the fall also coming despite data from the US showing crude inventories had dropped to their lowest level in roughly a year last week.

Easing political tensions in Libya, which had seen exports slashed, prompted prices to fall heavily earlier in the week.

Shell fell 1.4% on Friday, while BP dipped 0.9%.

Published: 06-09-2024