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Rising tide lifts BP and Shell

Rising tide lifts BP and Shell

In a mixed reporting season for the supermajors, first-quarter numbers for oil and gas behemoths BP (BP.) and Royal Dutch Shell (RDSB) were fairly well received by investors. Predictably, earnings were well up on the same period in 2017, when Brent was selling for less than $50 (£36.6), although cash generation at both London-listed stocks fell short of analyst expectations. That hasn’t stopped the prevailing narrative – a tightening and nervy market for crude – from pushing both shares to multi-year highs.

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