UBS Top Euro Integrated Oil Pick: RDS

JON RIGBY, UBS Securities (04/04/2011)
"Events continue to drive the upstream-pricing environment higher. . .we believe the sector will outperform based on its already-low valuation and the outlook for improving sector conditions and hold to our preference for integrateds over services. Top picks are Eni and Royal Dutch Shell: There has been little to choose between the share-price performance within the sector in March save the weakness in BP. We believe that Eni and Royal Dutch Shell share attractive valuation and catalysts across the balance of the year."

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