Gartmore's Palmer positive on prospects for Bric energy sector

As the price of crude oil hits $120 a barrel, global demand for the commodity shows no sign of slowin...

As the price of crude oil hits $120 a barrel, global demand for the commodity shows no sign of slowing, according to Gartmore’s head of global emerging markets Chris Palmer. Meanwhile industrialisation is continuing to accelerate throughout the Bric economies as well as other emerging markets. “We already have a situation where emerging markets dominate global exports,” Palmer said. This has lead to an improved balance of payments and greater purchasing power, he added. Brazil’s largest oil company Petrobras has recently made a major oil find off the country’s coast, which Palmer belie...