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Oil Price - FTSE 100 Live 28 October: Oil price slide hits BP and Shell, Trainline upgrades guidance
28-10-2024 03:05
The benchmark's decline to about $71.50 a barrel came amid relief that Israel's retaliatory missile strikes on Iran avoided oil and nuclear installations. BP fell 2% or 8.8p to 396.1p, leaving the energy giant down 16% year-to-date ahead of tomorrow's third quarter results.
Crude oil prices today: WTI is trading at $71.05
The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East.