Crude Extends Gains After Statoil Prepares for Shutdown

Oil extended gains in London after Statoil ASA (STL) said it was preparing to shut down production on the Norwegian continental shelf as a labor dispute escalates.

Brent crude for August settlement on the ICE Futures Europe exchange in London rose as much as 2.5 percent to $102.25 a barrel and was at $101.92 at 10:39 a.m.

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