Shares in energy companies were snapped up at TD Waterhouse last week ahead of the G20 summit.

Energy and mining stocks were popular with share dealing customers as the price of oil rises. Commenting, Angus Rigby, chief executive officer at TD Waterhouse said:

“Ahead of the G20 summit investors turned to the energy sector, with two new entrants in the buys – Tullow Oil and Petroceltic International – while Gulf Keystone Petroleum climbed to third position in the top ten buys.”

The price of oil is now creeping over $73 a barrel, and G20 representatives are expecting an oil spike, which could spark higher costs and pose a threat to economic recovery.

As a result, energy and mining stock accounted for 47 per cent of all total buy trades at TD Waterhouse over the last week, as speculation mounts that oil could soon surpass $100 a barrel.

Commenting, Mr Rigby added: “Gulf Keystone Petroleum accounted for 27 per cent of the top ten mining stock trades this week after it appointed an independent consultant to evaluate discoveries in its North Iraq-based well.”

The move has seen shares in the company rise as high as 91.5p on Monday. Meanwhile, newcomer into the TD Waterhouse top 10, Tullow Oil accounted for 14 per cent of the top 10 energy and mining buys after announcing the finding of its wholly-owned Ngassa-2 exploration well, which saw its shares shoot up to 1245p.

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