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European energy stocks shine despite low prices

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DEEP CUTS: Energy companies around the world announced spending reductions of US$180 billion this year, the most since the oil slump in 1986, according to Oslo-based energy consultants Rystad Energy

London

THE cost-cutting campaign among European energy companies is paying off: Investors are buying up their shares even as oil prices drop.

Oil and gas producers in the Stoxx Europe 600 Index have rallied almost twice as much as the broader gauge since their September low,

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