oil

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.

Angelos Damaskos, manager of the £54m Junior Oils Trust, has bucked the trend to move defensive over the summer by increasing his equity exposure by 20%.

Standard Life Investments' £8bn Global Absolute Return Strategies (GARS) Fund has initiated new pair trades for the third quarter in expectation of euro weakness, higher Eurozone inflation and resilient commodity prices.

Anthony Bolton, veteran investor and manager of Fidelity's £635m China Special Situations investment trust, has tipped the long-running bull market in gold to continue amid ongoing economic woes across the globe.

The oil price fell by $6 after the International Energy Agency (IEA) said it would make available an extra 60m barrels.