BP Share Price Targets 312p As Driver Shortage Forces Closure of Stations

Summary:

BP share price is down this Friday after the company shut down some of its stations due to a serious truck driver shortage.

The BP share price is slightly lower this Friday as the company has been forced to shut some of their petrol stations due to a shortage of truck drivers.

The driver shortages that have resulted from Brexit have affected several retail sectors in the UK. With BP now facing a shortage of drivers to deliver petrol and diesel to its 1200 service stations across the UK, the company says it is being forced to shut down unsupplied stations while working to fix the issue. Priority delivery is being made to major trunk roads and sites with the heaviest demand.

Meanwhile, the UK government is considering using army drivers as a bridge while solving the problem. The BP share price took a slight hit on the day and is currently trading lower by 0.39%.

The BP share price’s upside move has stalled at the 319.45 resistance. The intraday pullback needs more bearish momentum if the drop towards 312.30 is to come to fruition. Below this level, additional support comes in at 303.95 and 296.10. The psychological price level at 300.00 (9 August and 20 September lows) also constitutes a potential pitstop for bears.

On the other hand, a break above 319.45 sets the bulls free to target 328.75. Additional price targets for the bulls is seen at 337.00 (16 June high).