Brent Crude Oil Futures up as Shell buys Hess stake

<p>Brent Crude Oil Futures are higher as Shell agrees to buy Hess’s stake in 12 oil fields.</p>

Brent Crude Oil Futures are higher in commodities trading today (October 25th) following news Shell is buying Hess Corporation's stake in a number of oil fields in the UK North Sea.

The oil giant is to purchase the company’s stake in 12 fields known as the Beryl fields, however the deal is yet to receive regulatory approval.

Operated by Apache, the Beryl fields produced some 14,000 barrels of oil a day for US company Hess throughout the January-September period of 2012.

Hess describes the sale as part of a "strategic" overhaul of its portfolio, which includes selling assets of the sum of around $2.4 billion (£1.4 billion) this year.

Shell said it intends to invest further in oil fields in the area, extending their lives by up to two decades.

At 11:50 BST, Brent Crude Oil Futures were higher by 0.8 per cent to a value of $108.75 per barrel.

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