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Statoil Vies For Rights To Offshore Properties.(B)(NYSE STOCKS IN THE NEWS)
Byline: KATHARINE STALTER
Statoil cleared its 18.72 buy point in above-average volume on June 8. It's run up 32%, pulling near its 10-week line in July and again in August. It did the same last week, but found support just above that price line. Turnover for the week was heavier than normal as the stock failed to pass the all-time intraday high of 26.10, set the previous week.
The Norwegian oil and gas explorer is among companies vying for licenses to unexplored blocks adjacent to existing oil fields off its home country's coast. Norway is the third largest oil producer after Saudi Arabia and Russia. Its government plans to award the exploration licenses in December.
Statoil's ...
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