Shell buys back £18m of shares

OIL supermajor Royal Dutch Shell said yesterday it had bought back more than £18million of its own shares.

The UK-Dutch firm said it had bought 935,000 B shares at £19.82 a share.

Earlier in the week, Shell said it would begin a share buyback programme to offset dilution created by the issuance of shares for its scrip dividend programme. The shares closed up 3.6% at £20.18 last night.

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US crude dipped last night in continued volatile trading after two days of gains. September crude settled down 34 cents at $85.38 a barrel, but Brent crude edged up a cent to $108.03.