Moody's downgrades more oilers

PROSPECTS for big oil are looking dim in the immediate future with ratings agency Moody's Investors Service cutting its outlook on Total, Chevron and Shell, while Barclays expects big oil companies posting their first quarter results over the next few weeks will be below expectations.

On Friday Moody's took the axe to the ratings of three of the world's biggest oil companies on the expectation that oil prices will stay low for longer, causing leverage concerns.