Shell cuts 6,500 jobs

Royal Dutch Shell Plc said it's preparing for a "prolonged downturn" by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in more than seven months.

The current downturn in oil prices could last for several years, the company said Thursday, compared with a forecast in April that prices would return to $90 by 2018.

Shell is cutting 6,500 jobs this year and plans to reduce capital investment by $7 billion, it said in a statement.