How to profit from soaring oil prices

By October, the oil price could well have reached $90 a barrel. That might mean sky-high heating bills and even higher petrol prices - but smart investors can turn the situation to their advantage. James Ferguson talks about the best ways to make money from oil.

The oil price is back at new record highs. Higher pump prices are already a reality and sky-rocketing winter heating bills an inevitability.

Meanwhile, the drag of higher transport and utility costs suggests economic growth will slow further. But an insensitively timed, global tightening by central banks suggests the situation could be exacerbated and is already knocking the government bond markets for six from Japan to Milan.

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James Ferguson qualified with an MA (Hons) in economics from Edinburgh University in 1985. For the last 21 years he has had a high-powered career in institutional stock broking, specialising in equities, working for Nomura, Robert Fleming, SBC Warburg, Dresdner Kleinwort Wasserstein and Mitsubishi Securities.