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Saudi comments boost oil stocks.

The America's Intelligence Wire

| May 24, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

Byline: Shannon Mitchell

SAN FRANCISCO (CBS.MW) -- European oil stocks had a nice bounce in U.S. trading Monday, following Saudi Arabia's announcement that it would urge its OPEC partners to ramp up production.

The Bank of New York European ADR Index closed up 0.82 points at 106.60.

BP rose 95 cents, to $52.47; Total gained $2.53, or 3 percent, to $93.03; Royal Dutch climbed 76 cents to $49.10; and Shell Transport & Trading added 82 cents to $43.10.

Earlier, Royal Dutch/Shell made another downward revision to proven oil reserves, sending the ...

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