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Statoil Shares Surge After Quarterly Profit Jumps Almost Tenfold

Bloomberg business news

Statoil's CEO Sees Oil Rebalancing in 2H of 2017

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Statoil ASA, Norway’s biggest oil and gas producer, rose the most in five months after first-quarter profit climbed on higher output amid recovering crude prices and as it deepened cost cuts to emerge from a downturn that has battered the industry for more than two years.

The shares rose as much as 3.7 percent, the most since Dec. 12, and were up 2.9 percent as of 9:29 a.m. in Oslo, making it the biggest gainer on the Stoxx Europe 600 Oil & Gas Index. The stock has dropped 8.1 percent so far this year.