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The Guardian (UK): Market Forces

Nick Fletcher
Saturday June 30, 2007

Oil companies were also in focus as the crude price hovered around $71 a barrel. Royal Dutch Shell, which Morgan Stanley reckons could be undervalued to the tune of a whopping $120bn, added 29p to £20.34. Credit Suisse chipped in yesterday, raising its earnings forecast by 2% for 2008 and suggesting the company has about $25bn (£12bn)of possible disposals to come.

BP was 4p better at 603p. Days after announcing plans for a bio-ethanol plant in Hull with Du Pont and AB Foods, BP announced a biofuels joint venture with D1 Oils. The deal includes the option for BP to buy up to 16% of D1 at an average price of 251p a share. D1 added 23.75p to 264.75p. But later news that there were problems with the CATS gas import pipeline operated by BP took some of the shine off the oil company’s shares.

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