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Barclays names BP a top pick, says higher oil prices should lead to more cash for shareholders


BP logos are seen at a BP petrol and diesel filling station southeast of London on June 15, 2020.

BEN STANSALL | AFP | Getty Images

British investment firm Barclays named BP a top pick, saying on Tuesday that the rise in oil prices should boost the stock even as the company pivots toward greener energy.

Oil has been climbing steadily as economic reopenings have gained steam, with the benchmark crude prices in the U.S. and Europe now trading well above $60 per barrel. Analyst Lydia Rainforth named BP a top choice in the European integrated energy space, saying those higher prices should fall through to shareholders.

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