Shares of oil and gas companies are trading lower following reports suggesting an impending deal will restart Libyan oil production and exports.
Portfolio Pulse from Benzinga Newsdesk
Oil and gas company shares are declining due to reports of a potential deal to restart Libyan oil production and exports.
September 03, 2024 | 2:33 pm
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NEGATIVE IMPACT
BP's stock may experience downward pressure in the short term due to the potential increase in oil supply from Libya, affecting global oil prices.
BP is a major player in the oil market, and an increase in supply from Libya could lead to lower oil prices, negatively impacting BP's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Chevron shares might see a short-term decline due to the anticipated increase in oil supply from Libya, which could affect global oil prices.
Chevron, like other oil majors, is affected by global oil supply and price dynamics. The restart of Libyan oil production could increase supply and pressure prices, impacting Chevron's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ExxonMobil shares are likely to be impacted negatively in the short term due to the potential restart of Libyan oil production, which could increase supply and pressure prices.
The restart of Libyan oil production could lead to an increase in global oil supply, potentially lowering prices. As a major oil company, ExxonMobil's stock is sensitive to changes in oil prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80