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Statoil (STO) Stock Down as Oil Prices Reverse Gains

NEW YORK (TheStreet) -- Shares of Statoil (STO - Get Report) are lower by 1.33% to $16.36 at the start of trading on Monday morning, as oil prices shake off last week's gains.

Crude oil (WTI) is sliding by 1.59% to $43.95 per barrel and Brent crude is falling by 2.01% to $44.46 per barrel.

A wildfire in Canada's Alberta oil sands region that began on May 1 threatened output. What's being described as Canada's worst wildfire ever has cut more than a third of the country's typical daily production, Reuters said. Investor caution offset the decline in daily production.

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