Oil: Gushing Profits

In this year's fitful stock market, oil company shares have been uncommonly buoyant. Last week Gulf, Mobil, Standard of Ohio and Standard of Indiana hit new 1966 highs on the New York Stock Exchange. As a group, domestic oil shares have weathered the market's decline this year and maintained their Jan. 1 prices. During the last quarter, mutual funds—which were net sellers of most stocks—bought petroleum shares more heavily than any other type.

Truce in the Wars. Stock prices are strong because profits are surging. Standard of New Jersey, the world's largest oil...

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