BP shares have slumped to their lowest level since the pandemic, hit hard by a steep decline in oil prices.
The energy giant’s stock dropped as much as 7.6% today, extending a three-day slide of more than 20%, with prices now back to levels last seen during the Covid crisis and the global financial meltdown.
The sell-off followed Goldman Sachs cutting its oil price forecast for December to $62 a barrel — its second downgrade in under a week.
Morgan Stanley also revised its outlook, lowering its quarterly forecasts for the rest of 2025 and into next year by $5 a barrel, citing mounting concerns over Donald Trump’s escalating global trade war.
Oil plunges
Oil prices tumbled to a four-year low as escalating trade tensions under Donald Trump stoked fears over weakening global demand.
Brent crude, the international benchmark, slid another 3.5% to approach $63 a barrel, marking a near 15% drop over the past five sessions. It’s now down almost 30% from highs of over $90 a barrel seen a year ago.
Meanwhile, US benchmark West Texas Intermediate dipped below $60 a barrel for the first time in four years.
“Markets are beginning the week still in the throes of panic,” said Vandana Hari of Vanda Insights. “No one dares pick a bottom.”
