Shares gained for a second day in a row in London as oil prices gained on fears output in Russia, now the second biggest exporter, may be cut because of bailiffs taking assets in lieu of tax payments from the country's biggest exporter Yukos.
BP alone added more than 8 points out of the FTSE 100’s 31.30 points rise to 4,356.20. BP shares were up 9p to 497.75p. Some investors are betting the elimination of Yukos as a competitor on the Russian market will increase the value of BP’s joint venture investments there. Higher oil prices in the meantime could see the company soon top its record quarterly earnings recently reported. BG Group, the gas exploration business, gained 11.75p to 341p after reporting a 41% rise in second quarter profit on rising gas prices and increased production. HBOS ended up 19p at 694p after repor...
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