What Do Shell, BP Earnings Say About Oil?
BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell, refining margins shrank and its exploration and production division posted a loss. Shares fell. Shares of the company fell as much as 2.2 percent to 473.25 pence at traded at 477.9 pence at 8:11 a.m. in London. Royal Dutch Shell Plc, Europe’s largest energy company, gained as much as 3.9 percent after earnings smashed analysts’ estimates. Bloomberg's Stuart Wallace reports and Pioneer Investment Management Portfolio Manager Michael Temple discusses the outlook for oil with Guy Johnson in London and Caroline Hyde in Berlin on "Bloomberg Markets: European Open."