Rebounding oil prices buoy BP at a crucial time
by Shane Hickey from Environment | The Guardian on (#41R1D)
Stricken by Deepwater Horizon for years, the company is benefiting, like its competitors, from crude's rapid rise
As the price of oil moves upwards, expectations are that BP's fortunes will also be gathering momentum. This week, the company is set to reveal its results for the third quarter, and forecasts are positive.
The price of oil recently hit a four-year high and some commentators think it could reach $100 a barrel by the end of the year - a price not seen since 2014. Looming Iranian sanctions in November, supply problems in the US and a lack of spare capacity among the big Opec producers are all conspiring to drive the price up.
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