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BUZZ-Strong oil, weak sterling boost Shell, BP
October 7, 2016 / 10:37 AM / a year ago

BUZZ-Strong oil, weak sterling boost Shell, BP

LONDON, Oct 7 (Reuters) -

** Royal Dutch Shell up 2 pct, BP up 1.5 pct, and Shell up 8.7 percent this week while BP is up 7.6 percent over the same period, supported by gains in oil prices and the weakening of the British pound.

** Oil prices have risen nearly 11 percent since OPEC agreed on a modest output curb in a meeting at Algiers on Sept. 29.

** Sterling recouped some losses after plunging almost 10 percent on Friday amid growing fears of a “hard” exit by Britain from the European Union that sent a shiver through world stocks markets ahead of U.S. jobs data.

** Investors have shifted funds into London-listed companies issuing U.S. dollar denominated dividends in recent months.

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