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Oil stays near US$50, Shell to cull more jobs

Published: 14:26 25 May 2016 BST

Big stack of crude barrels

Crude oil prices continue to threaten a move to US$50 and whilst this new normal gives some sense of optimism, Shell delivered a reality check on Wednesday.

The oil supermajor is planning to axe 2,200 more jobs worldwide, of which nearly 500 will be from the North Sea.

It is the latest cull at Shell. It dropped 2,800 jobs since the BG merger, and last year 7,500 jobs were cut.

The reports come immediately after a £4mln pay packet for chief executive Ben van Beurden was approved by shareholders at Shell’s AGM.

In the crude market Brent was up 1.36% at US$49.30, while West Texas Intermediary crude rose 1.2% to US$49.20.

On Tuesday, data from the American Petroleum Institute showed a 5.1mln barrel decline last week, down to 536.8mln. Later today, corresponding figures are due from the US government.

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