Daily Telegraph: Only oil shines as blue chips succumb to American fears: “Shell topped the list of FTSE 100 risers, up 5.25 to 394p, as traders speculated that higher oil revenues could boost the embattled company's fortunes” (ShellNews.net)

By Helena Keers (Filed: 10/08/2004)

Oil companies were among the few stocks looking slick yesterday, following a sudden jump in crude prices in the afternoon.

Shell topped the list of FTSE 100 risers, up 5.25 to 394p, as traders speculated that higher oil revenues could boost the embattled company's fortunes. Despite a broker's downgrade in the morning, BP also rose 1.75 to 501.25p.

Down in the FTSE 250, Premier Oil also benefited from the price spike, rising 9 to 599p, while, a few rungs further down, Aim-listed miner Petrel Resources saw its shares rise 8.5 to 50.5p. The company confirmed it is in detailed talks with the Iraqi oil ministry over plans to develop some of the country's oil fields.

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