Read Haig's discussion with BBC Radio Scotland's Waseem Zakir on 18th September, 2012:

WASEEM ZAKIR
Joining us is Haig Bathgate, Chief Investment Officer at Turcan Connell. Good morning to you, Haig.

HAIG BATHGATE
Good morning.

WASEEM ZAKIR
Leaving aside last night's mystery when it comes to the oil price, the price of crude hit a four month high yesterday - what's pushing that up?

HAIG BATHGATE
Yes, I think there's a combination of things, I mean ultimately it's only back to the levels it was, firstly, in May of this year but we've got a couple of factors - firstly, there's simmering tensions. which have been ongoing in the Middle East for a number of years, it culminated in Libya's US Ambassador being assassinated, so that was just a reminder to the markets that there are issues there, and on top of that, clearly, we also have Quantitative Easing 3 in the US and ultimately that impacts the oil price because the oil price is in dollars and when you print more dollars and you devalue the dollar that increases the oil price. I would just say, though, that clearly if the oil price increases in dollar terms it doesn't necessarily mean it's going to have the same impact in sterling, for example, which has been appreciating a little bit against the dollar.

WASEEM ZAKIR
Sure, and when it comes to QE3 in America to what extent are people making a connection between QE3 working there, increasing demand and therefore putting pressure on the amount of oil people will need in America?

HAIG BATHGATE
I think there's an element of both and some of it is that people are expecting that quantitative easing will ultimately lead to a pickup in demand and part of it is just simply the fact that the dollar is depreciating a little bit as well, so, as you would expect, if the dollar is depreciating the oil price would go up as a real...

WASEEM ZAKIR (interrupts)
Can we also look at Royal Bank of Scotland? It's seen its share price by 20% over the past month and yesterday Investec issued a note saying it's recommending a sell on the shares rather than a hold, what's behind that?

HAIG BATHGATE
Yes, well, I think if you look at the details of the Investec report it kind of epitomises the issues with European banks at the moment...you know, they talked about too many false dawns in relation to the writedowns on Royal Bank of Scotland's balance sheet and whilst they are meeting guidance in terms of their general profitability it's these sort of assets which they are effectively having to offload to market in a detrimental fashion on their balance sheet, which is pulling things down.

WASEEM ZAKIR
But why has the share price been rising so rapidly over the past month or so?

HAIG BATHGATE
I think generally we've seen this across all of the European banks as the position in Europe has stabilised, whether that's temporary or not remains to be seen - we've seen the banking sector increase, Royal Bank of Scotland clearly has a lot of exposure to mainland Europe as well.

WASEEM ZAKIR
Okay, Haig, thank you very much for your time - Haig Bathgate from Turcan Connell.