- Oil prices hovered near their lowest in two month, with WTI falling below $69
- US consumer sentiment fell to an 8-month low, contributing to bearish sentiment
- Texas manufacturing activity fell sharply in February, with the production index dropping 21 points to -9.1, according to the Texas Manufacturing Outlook Survey by the Dallas Fed.
- The rise in uncertainty, with the outlook uncertainty index jumping to 29.2, could signal weaker economic conditions and potentially reduce oil demand.
- Oil gains on supply concerns (OilPrice)
- Oil prices made a slight reversal early Wednesday after the API reported the first weekly inventory dip in over a month
- Price increase is likely to extend if the EIA confirms the inventory dip
- BP shift focus, boosts fossil fuel investment in strategic reset (CNBC)
- BP plans to increase its annual investment in oil and gas to $10 billion through 2027, part of a major strategic overhaul.
- BP’s investment in renewable energy will be significantly reduced, with annual spending dropping to $1.5 billion to $2 billion, over $5 billion lower than previously planned.
- This strategic reset follows growing investor pressure, including from activist investor Elliot Management, after BP’s underperformance compared to industry peers.
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