Investors remain downbeat on oil, but some are starting to buy the companies that pump it out of the ground. Since the beginning of October, Brent, the global oil benchmark, has fallen by 8% and few see it recovering much this or next year. But oil and gas stocks are up almost 8%, as measured by the S&P Global Oil Index. The renewed interest in this beleaguered sector has little to do with more optimistic views on crude. It reflects the industry’s attempts to adjust to the lower oil price by cutting expenditure, divesting businesses and squeezing suppliers for better deals. To be sure, not all investors are keen and many oil companies continue to post large losses while cutting the budgets that could lead to future growth. But increasingly, some large money managers are betting these companies are on their way to becoming more profitable investments. Oil has […]