BP’s Dudley Shrinks Trading on Stagnant Oil Prices
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BP Plc’s Robert Dudley said he’s shrinking oil trading after the least volatile prices in seven years made buying and selling commodities less profitable.
Crude futures have moved between $68 and $88 in New York this year, the narrowest range since 2003, making it harder to make money from price swings that netted BP $2 billion in 2004, the last time it broke out trading profits. BP told employees last month its 3,500-strong trading business will cut management and reduce costs to cope with lower margins, and a restructuring will be announced on Nov. 15.