Crude prices surged to a four-year high early in 2018 as tensions with Iran and OPEC supply cuts raised concerns that global oil supply was dwindling. While oil majors have gone some way to cleaning up their balance sheets since the 2014 oil price collapse, their shares are still sensitive to moves in the underlying commodity - higher crude spells stronger revenues. Kevin Gardiner, global investment strategist at Rothschild & Co Wealth Management, said he was happy not to have piled into the bullish oil trade, having considered it earlier in the year.
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