Shell boss sees signs of oil price recovery but warns of 'spike'

Ben van Beurden points to first mixed signals of a recovery though raises concern that prolonged low prices could lead to a sudden increase

Shell's chief executive has said there are signs the price of oil could start to recover and warned that prices may spike if they stay low for a long period.

Ben van Beurden told a conference there are four "signposts" for short-term oil prices: demand for oil in the global economy, the behaviour of the Organisation of the Petroleum Exporting Countries (Opec), the US shale industry, and the cost of production.