Norwegian oil fund up 1.5%

Norway's Government Pension Fund - Global produced a total return on investment of 1.5% during the first quarter of 2007, which the Bank of Norway said was 0.09 percentage points above the benchmark set by the government.

"The rise in international equity markets made the largest contribution to the return," the Norwegian central bank said on 22 May. The fund, which manages the government's petroleum revenues by investing in a portfolio of foreign financial assets, grew 2.2% compared to the f