oil

Energy stocks could see up to 50% upside over the next three years, according to Guinness Asset Management's Tim Guinness, supported by the high price of oil.

The price of West Texas Intermediate (WTI) crude hit a near-four month high this afternoon after rising shortly before US equity markets opened.

More than a third of investors believe commodities will produce the best returns over the next 12 months compared to other assets. Managers reveal where the best value lies.

BG Group has reported a 17% increase in operating profit in the third quarter as higher commodity prices offset lower output in the UK.

Henderson Global Investors' £519m Bankers Investment Trust has boosted exposure to oil majors, taking the view the sector has been hit too hard in the downturn last month.

International Energy Agency cuts 2011 forecast by 200,000 barrels and 2012 estimate by 400,000, although price not expected to collapse.

Rathbones' Income manager's softens defensive stance to buy media and hotel stocks.

Brent crude fell back sharply towards $100 overnight as the Libyan uprising moved closer to its conclusion.

Investec's Mark Lacey and Jonathan Waghorn have said energy equities in the E&P sector are showing "extreme value" as shares discount M&A prospects and price in a global recession.

Global markets climbed overnight on news the US has agreed a solution to its debt crisis, which will ease fears of the country losing its AAA-credit rating.