BP chief expects no fall in oil prices

The head of oil giant BP expects no significant short-term fall in oil prices but says he does not foresee a further spike higher either.

BP chief executive John Browne said political insecurity was keeping prices buoyed but said he was confident about his firm’s position in Russia.

“What with insecurity of supply, the price seems to be holding up quite high,” he told BBC Television on Sunday. “One day it will come down, but not in the very short term I’m afraid.”