oil

BP is preparing to sell its stake in a joint venture with TNK to Rosneft in an effort to rescue the landmark deal with the Russian state oil company, the Wall Street Journal has reported.

Focus on small-cap dividend payers delivers for Chelverton.

The OECD has sent out a stark warning the global economic recovery could spiral into stagflation on the back of rising oil and commodity prices.

Goldman Sachs has reversed its bearish call on commodities, urging investors to buy as it expects oil will surge to $130 a barrel in the next 12 months.

BlackRock's Robin Batchelor is running a 30% underweight to oil majors in his £4.32bn World Energy fund, expecting margins will be squeezed as demand for oil intensifies and exploration costs rise.

Oil giant BP has reopened negotiations with Rosneft after failing to meet the original deadline for a $16bn share swap at midnight on Monday.

BP is in last minute talks with Russian state oil firm Rosneft in attempt to salvage the proposed $16bn (£9.9bn) share swap deal before the midnight deadline tonight.

Infrastructure

Clive Capital, the world's largest commodity hedge fund, lost $400m following a collapse in the oil price last week, the FT reports.

Royal Dutch Shell has seen a 41% increase in profits in Q1, fuelled by the soaring price of oil.