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HSBC cuts BP, Shell ratings

MARKETWATCH

By Steve Goldstein
Sep 10, 2009, 4:25 a.m. EST

EXTRACT

LONDON (MarketWatch) — HSBC says the European oil sector is facing headwinds as it downgraded BP to neutral from overweight and Royal Dutch Shell to underweight from neutral. “The sector looks undervalued long term but weak oil prices, cheap U.S. gas and soft refining margins pose short-term risks,” the broker said. It prefers defensive plays like Eni.

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