While the decision to sell BP should not be based solely on Bernard Looney’s resignation, the scandal has put BP in the spotlight and shares above 500p look unconvincing.
With oil prices approaching $100 per barrel, one would expect investors to be piling into BP to enjoy higher refining margins and upstream revenue.
BP's price action would suggest the market is not buying the recent rally in oil. At least not as far as BP’s concerned. BP has not retested 52-week highs despite near $100 oil, suggesting other factors are at play.
The efforts of Saudi Arabia to propel oil prices higher...
