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Butterfield offshore makes predictions over oil

Butterfield Bank (Guernsey) is publishing comment on the outlook for oil in the context of the global investment market, based on latest figures.

In 2004, Butterfield says the Energy sector dramatically outperformed all other sub-sectors of the MSCI world index, rising by over 25 per cent, against a 12.84 pr cent advance in the index as a whole.

The growth continued into the first quarter of 2005, with the energy sub-sector growing by almost 12 per cent, against a fall of 1.54 per cent in the broader index.

Butterfield Bank (Guernsey) senior investment manager Richard Foley says: “Looking forward, we believe that the key macro factors driving oil prices and the out-performance of oil-related stocks will remain in place for the medium term. “

“However it is also true to say that oils have already posted strong gains, particularly during the early part of 2005, and in the wake of such a strong rally, some profit taking in the near term would not entirely be unexpected.”

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