Predictions of an average oil price of $46 per barrel next year from investment bank Goldman Sachs has helped majors BP and Shell up this morning, and the index up by about 7 points to 4,730.
Telecoms are, however, drawing most punters, sending MmO2 up 2.25p to 122.5p, with BT up 3p to 204.25p. Cairn Energy is up 19p to 1,454p. BP is up 3.5p to 516.5p, although Shell is down 0.5p because of continued political problems in Nigeria, which have ensnared its facilities and those of other oil companies in that country. Corus, the steelmaker, dropped 1.5p to 53.5p after a report indicating shipping costs for iron ore, the raw material used in making steel, have reached another record high on continued strong demand from China. Overnight the Dow Jones Industrial Average ind...
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