Oil producers edge up on higher prices

Oil producers edge up on higher prices

The price of Brent crude hit $75 (£54) a barrel this week, as rising geopolitical risks and a sharper-than-expected drawdown of US inventories occupied traders’ minds. But while the international energy benchmark is up 10 per cent in April, oil and gas stocks buying remains cautious, as demonstrated by the 12 per cent climb in the FTSE 350 Oil & Gas Index (FTNMX0530). Given a higher oil price’s larger effect on producer margins, one might expect a more bullish rise in the sector’s stocks

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