Crude Extends Gains After Statoil Prepares for Shutdown

Oil extended gains in London after Statoil ASA 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.