Nick Fletcher
Wednesday September 5, 2007
Oil groups were among the big gainers yesterday, as the London market shrugged off an indifferent start and moved higher for the 11th out of the last 12 trading sessions.
Oil firms benefited from a jump in the crude price to nearly $75 a barrel on fears that hurricanes in the Atlantic could hit supplies. On top of that, analysts believe Opec is likely to ignore calls for an increase in oil production when it meets next Tuesday.
So BP added 10.5p to 561p, while Royal Dutch Shell rose 58p to £19.79. Shell was also helped by analysts at UBS moving their recommendation on the company from neutral to buy.
Still with oil, the exploration group Soco soared 148p to £21.65. The firm announced a rise in half-year profits from $15m (£7.4m) to $17m and said it was confident a prospect in Vietnam would yield recoverable reserves of at least 1bn barrels of oil equivalent.
Tullow Oil was also in demand, up 34p to 547p after an upbeat outlook statement about its potential reserves.
http://business.guardian.co.uk/marketforces/story/0,,2162450,00.html
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