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Strategist picks 3 European oil shares that would outpace Exxon and Chevron subsequent 12 months

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A Surgutneftegas employee close to pumpjacks in Surgut Area of the Khanty-Mansi Autonomous Space – Yugra, within the West Siberian petroleum basin.

Alexei Andronov | TASS by way of Getty Pictures

Denmark’s Saxo Financial institution believes the long-term outlook for oil and fuel firms seems bleak, however that is to not say there is not a method for buyers to contemplate over the subsequent 12 months.

It comes because the financial institution’s head of fairness technique says vitality shares have outperformed world equities by 24% because the market first acquired encouraging Covid-19 vaccine information from Pfizer-BioNTech on Nov. 9.

Saxo Financial institution’s Peter Garnry stated this underscored the notion that buyers had been positioning themselves for a market normalization in 2021.

Oil and fuel firms “are property you simply cannot contact for those who imagine in ESG, which is turning into a much bigger and larger a part of the asset administration business (and) that is holding again valuation on oil and fuel industries,” Garnry instructed CNBC’s “Squawk Field Europe” on Wednesday.

“However I feel there’s a tactical play right here.”