Oil Majors Are Close to Erasing All Losses Since Pandemic Began
- Energy stocks have best returns in Europe so far for 2022
- Shell, BP, Total lead gains, but hurdles ahead in March
Shell led gains on Friday, rising for a second day.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
European oil majors are erasing their pandemic slump as tensions between Russia and the West drive Brent crude above $92 a barrel.
The Stoxx Europe 600 energy sub-index is outperforming all other sectors on Friday as crude heads for its seventh week of gains. Shell Plc, BP Plc and TotalEnergies SE led the rally, and the companies have now either erased their pandemic losses entirely or are close to doing so.