BP Shares Are Falling: What's Happening?

BP plc BP shares are trading lower by 3.92% to $30.43. Shares of energy companies at large are trading lower Monday morning as oil prices drop following soft China factory data, which has pressured demand outlook.

What Happened?

Industrial production grew by 3.8%, slightly lower than the 3.9% figure in June. Retail sales rose 2.7% in July compared with the same period in 2021, below the 5% growth forecast, per CNBC.

China’s central bank has also unexpectedly slashed a key policy interest rate for the first time since January, per Bloomberg. The People’s Bank of China reduced the rate on its one-year policy loans by 10 basis points to 2.75% on Monday.

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According to data from Benzinga Pro, BP has a 52-week high of $34.30 and a 52-week low of $23.38.