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Murphy Oil (MUR) Is Challenging The Highs After Forming Joint Venture

Murphy Oil (MUR) announced after the bell Wednesday that its Murphy Exploration & Production Company - USA subsidiary has formed a new joint venture company with Petrobras America Inc., a subsidiary of Petrobras (PBR).

Murphy Oil gapped open higher Thursday and has risen sharply in early trade. Shares are now up 4.15 at $35.92 on above average volume. The stock is challenging the highs of the year, trading at over a 3 1/2 month high.

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