OIL PRICES SUSTAINABLE IN EUROPA 18 MAY 2011
2:55 AM
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He believes that oil prices at current levels are sustainable and that European oil companies including France's Total (TOTF.PA) and Norway's Statoil (STL.OL) offer good value.
"We feel the European oil companies have been slightly unloved over the past year, because people have been worried about Europe in general and have sold European indices which include big oil companies," he said.
"But their earnings are not related to European sovereign debt.
They're dollar earners generally, and they're paying high dividends. They have performed well this year, and we think there is further upside with the oil price where it is now."
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