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Crude Extends Gains After Statoil Prepares for Shutdown

July 5 (Bloomberg) -- 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.

Link to Company News:{STL NO <Equity> CN <GO>}

To contact the editor responsible for this story: John Buckley at johnbuckley@bloomberg.net

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