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Oils help Europe stocks extend gains to 1 pct

Fri May 16, 2008 5:49am EDT

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LONDON, May 16 (Reuters) - European shares extended gains to 1 percent by mid-morning on Friday, led by index heavyweight oil shares that mirrored a rally in crude prices.

Stocks  |  European Markets

At 0943 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1.03 percent at 1,373.80 points, close to the session high at 1,374.

BP (BP.L) gained 1.8 percent, Royal Dutch Shell (RDSa.L) rose 2 percent and Total (TOTF.PA) gained 1.3 percent. Crude rose 1 percent to $125.33 a barrel.

Banks and pharmaceuticals also contributed to the rise in the index.

All 18 DJ Stoxx European sectors were up, and advancers on the FTSEurofirst 300 outpaced decliners by more than 6 to 1.

(Reporting by Sitaraman Shankar)

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