Planned Oil Output Cuts News

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT. "Frontline has a roadshow in New York and it seems very likely that the company's doing well because of this," an analyst said. Frontline finance director Tom Jebsen confirmed that Frontline was in talks with U.S. investors.