Three out of Three: Total and Statoil join BP's Party

Will this be remembered as the week that oil companies' fortunes turned a corner?

It is beginning to look that way after Statoil (STO - Get Report) and Total (TOT - Get Report) on Tuesday both announced better-than-expected first-quarter results, adding to the joy of BP's (BP - Get Report) surprise underlying profit a day earlier.

Norway's Statoil rose as much as 2.5% in early trading after it reported adjusted earnings after tax, which strip out exceptional items and inventory value adjustments, of $122 million, beating analyst expectations for a $125 million loss. Total shares rose as much as 1.7%, boosted by its adjusted net profit of $1.64 billion, 31% higher than average analyst expectations of $1.25...