Big gains for Norway’s oil wealth fund in 2012

<p>Norway’s oil wealth fund has seen big gains during 2012.</p>

Data released by Norway's oil fund, which is one of the biggest investors in the world, has shown it made big gains over the course of 2012.

It was revealed that the fund's investments in shares jumped by 18.1 per cent in 2012, though there was less focus placed on Europe during the 12-month period.

The figures unveiled show that it is now worth 3.8 trillion krone (£450 billion), which is up from 3.3 trillion krone in 2011.

It marks a recovery for the fund, which lost 2.6 per cent of its value during 2011.

"The fund's performance reflects development in global financial markets during 2012," the fund's chief executive Yngve Slyngstad said.

Last month, it was revealed that the price of WTI crude for delivery in April was down 16 cents to $92.60 (£61.03) per barrel in commodities trading.

Bloomberg reported that this is despite a lower-than-expected increase in crude stockpiles.

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