Hedge funds should not be put off by the 45 per cent fall in profits of BP, an expert has advised.

Hedge funds should not be put off by the 45 per cent fall in profits of BP, an expert has advised.

Graham Spooner, investment advisor at the Share Centre, claims that investors are still seeing the long-term advantages of buying this stock.

He says that the market is currently nervy but the fall in the company's share price has been driven by focusing on the short-term.

"BP remains a good investment for income seekers due to its commitment to maintaining the dividend, which is around five per cent. Furthermore, we have faith in the management which has undertaken a significant period of restructuring," he stated.

Mr Spooner highlights the fact that Shell is also expected to announce its results this week.

BlackRock's most recent set of ETF fund figures showed that the oil and gas sector was the second-best performing area, recording inflows of $100.7 million (£62.7 million) during the week.