The BP share price could hit new 2021 highs as the company has signed an exploration agreement with Russian oil company Lukoil. Under the agreement, BO will sell a 25% stake in the exploration project at the Absheron Peninsula in Azerbaijan to Lukoil.
BP will continue to operate a 25% interest in the project while continuing as the operator of the swap production agreement while exploration is ongoing and also after completion.
The BP share price has received significant uplift in the past two weeks after crude oil prices topped $80 per barrel, following supply restrictions from the Gulf Coast from Hurricane Ida.
BP Share Price Outlook
The BP share price activity shows the bulls challenging the resistance at 337.00. A break of this level opens the path towards the 27 April 2020 and 27 September 2021 highs at 343.40. Additional barriers are seen at 349.15 (23 March 2020) and 353.60.
On the other hand, rejection at the 337.00 price mark could lead to a pullback that tests the intraday low at 328.75. If the bulls fail to defend this support, we could see a further decline towards 319.45, before 312.30 and 303.95 enter the picture as additional targets to the south.