The exporter-heavy FTSE 100 index reversed earlier declines to jump more than 1% on Monday, boosted by a weakening pound and a global rally in equities powered by hopes of more stimulus.
Tribes in eastern Libya announced they would allow oil production from fields they control to start again, shortly after the state energy company said negotiations between the U.S. and regional governments could lead to a resumption of exports from the war-battered OPEC member.
BP’s petrochemicals business is focused on aromatics and acetyls and has 14 manufacturing plants in Asia, Europe and the US.
US equities traded mixed on Monday as investors continued to bet on economic reopenings despite soaring coronavirus case counts.
London (CNN Business)BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy.
Oil titan BP announced on Monday that it will be selling its petrochemicals business to UK chemical company Ineos for $5 billion (€4.61 billion) in a bid to “reinvent” themselves.
Hedge funds increased their bullish positioning in oil last week, reversing a bearish move the week before, but the minimal changes serve to confirm the market’s lack of direction since the start of June.
Many parts of north-east India such as Assam, Sikkim, Meghalaya, Bihar and sub-Himalayan West Bengal have reported incessant rains – measuring above 20 centimetres (cm) in a day – since last Friday, triggering floods.
The fossil fuel producer BP has sold its petrochemicals business to Ineos in a $5bn (£4.1bn) deal that will boost the oil company’s under-pressure balance sheet.
China increased retail prices for gasoil and gasoline on June 29, the first change in prices since March 18.