BP stock price could pause with oil prices

BP’s stock price could see a short-term correction along with the price of oil as crude shows signs of slowing its recent gains.

WTI crude oil recently hit highs above $ 85, but is now trading below the $ 83 level. There is still a possibility that oil will return to sky-high $ 100, but a pullback is possible first.

The price of crude is still important to BP, but analysts have also applauded its pivot to cleaner energy. An interesting recent deal was the decision to invest in real estate and technology start-up Blueprint Power, announced in early October.

The latest deal is part of Major Oil’s transformation and will allow BP to use technology from Blueprint Power, which aims to turn buildings into virtual power plants by connecting them to energy markets through software based on the cloud.

According to the two companies, the technology can transform ordinary commercial buildings into a “flexible electrical asset,” which can generate, store and exchange renewable energy.

See also

BP plans to increase its renewable energy capacity to 20 gigawatts by 2025 and 50 gigawatts by 2030.

BP Price Prediction

BP’s price is trading at 355p and showing signs of record potential in the near term. The key upside target is at 385p, where the stock was previously lower on the weekly chart. BP should exceed this level, but that would open up the possibility of 500p levels. The downside target for a pullout is at 315p.

BP price table (daily)

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Felix J. Dixon

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