Shell Enjoys Big Q1 Profits

Oil giant Shell has announced a sharp rise in first quarter profits – up by almost 50% on this time last year.  Representatives from the company said that one of the main factors to bring such healthy returns was the high price of the commodity.

Since the pit of the end of 2008, when a barrel of oil fetched jut $30, it has steadily climbed to its current average of around $75.  So far it is expected that oil will ‘remain firm’ for this year.  In March it climbed even higher to over $80 a barrel.

Demand, while still a ‘pressure’ factor, is strong from Asia where half of all world demand stems from.  China in particular is a big oil customer.

BP also announced healthy profits this week.  Both Shell and BP said that the economic outlook looks good although a cautious attitude is still adopted.

Meanwhile the Greece Problem is still dominating on the currency exchange market; the euro tumbled this morning after S & P’s slashed Greece’s credit rating to junk.

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