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Oil companies set to report worst quarter results

But a 60% rally in oil prices from January low has given strong tailwind to energy shares

Published Sun, Apr 24, 2016 · 09:50 PM
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London

THE world's top oil companies are set to report their worst quarterly results yet in the current downturn but a recent recovery in crude prices is raising hopes the market has bottomed out.

An ever intensifying oil supply glut took global prices to a near 13-year low of US$27.10 a barrel on Jan 20, exacerbating pressure on oil producers already grappling with a more than 70 per cent slide in prices since mid-2014.

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