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Shell and BP hit after oil falls to $40

Shell and BP hit after oil falls to $40

Emily Gosden, Energy Editor: Friday October 02 2020, 12.01am

Shares in Royal Dutch Shell and BP closed at their lowest level in 25 years yesterday as the oil price fell back towards $40 a barrel.

Brent crude, the global benchmark price, dipped below $40 at one stage in afternoon trading and was down 3.2 per cent at $40.93 in New York last night.

The sell-off was driven by renewed fears of global oversupply as a second wave of the coronavirus hits demand and rising output from the Opec cartel boosts supplies.

Brent crude is down about 40 per cent from the start of the year but remains well above the lows in April, when it fell below $20 a barrel during the height of global lockdowns.

Shares in the two London-listed oil majors have…

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