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BP and Shell slide after disappointing Chevron update

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Posted by Nick Fletcher Friday 10 July 2009 08.56 BST guardian.co.uk

Oil shares are leading the market lower after negative comments overnight by Chevron, the second largest oil company in the US.

The company warned that its second quarter downstream profits would be significantly lower than the previous three months, due to a sharp decline in refining margins. Higher costs and weaker demand are doing the damage, said the company.

The news hit sentiment across the sector, with BP down 5.75p at 459.5p and Royal Dutch Shell A shares 19p lower at £14.33.

Guardian Article

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