BP Share Price Just Hit 21-Year Lows. Here’s Why

Shares of BP PLC (LON: BP.) fell 2% today to print the lowest levels since March 1999. Oil prices dropped on Friday after the U.S. President Donald Trump and the First Lady Melania tested positive for COVID-19 infection.

Crude oil prices are now trading at $37.55, or 2.6% lower on the day.

“We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!” the president said.

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Trump is considered to be at risk given his age (74). All financial markets went into the risk-off trading mode following the news.

“It was a weak market already and this event has come along and added uncertainty, giving pause for people to say, ‘you know what, I’m taking some risk off the table’,” said Lachlan Shaw, head of commodity research at National Australia Bank in Melbourne.

BP share price closed 3.11% lower yesterday to print fresh lows. These losses have now been extended as the BP stock price trades around 2% lower at 214p.

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