- Oil prices slide before the market open on Tuesday as the delta variant continues to pose a risk to demand
- WTI fell 2.25%, after slumping by the most in two weeks on Monday
- Residents in Beijing were advised not to leave the capital, and flights are being canceled due to a resurgence in viral cases (Bloomberg)
- BP’s CEO Benard Looney said, “We are seeing probably a slight muting of demand globally, but I’m talking about a very slight muting of demand at this time”
- BP followed other oil majors and is increasing dividends and share buybacks as higher oil prices boosted profits (Bloomberg)
- Big Oil, except for Exxon, are raising returns as they paint a brighter picture that the worst of the slump caused by the coronavirus is over
- If oil averages about $60/Bbl, BP expects to be able to continue increasing its dividend by about 4% annually and repurchase $1 billion of shares each quarter until 2025, Looney said