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Oil firms benefit from crude prices

24 April 2010

Oil majors BP and Royal Dutch Shell are set to benefit from improving crude prices when the rivals present their first-quarter figures.

Consensus forecasts put underlying profits from BP on Tuesday at around 4.8 billion dollars (£3.1 billion) – almost double its earnings for the first quarter of 2009.

Similarly Anglo-Dutch rival Shell is likely to make gains on last year’s 3.3 billion dollars (£2.2 billion) in first quarter figures on Wednesday.

In its recent strategy update, BP said it would begin production on 42 major projects worldwide over the next five years as existing fields decline, and boost profits by taking more costs out of the business.

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