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  • SINGAPORE Dec 29- U.S. crude rose more than $1 in early Asian trade on Monday, reversing a fall in the previous session as escalating clashes in Libya threatened oil exports and supply disruptions from the OPEC member. Forces loyal to Libya's recognised government launched air strikes on the western city of Misrata on Sunday in apparent retaliation against a...

  • UPDATE 1-Libya fighting destroys two days oil supply Sunday, 28 Dec 2014 | 10:08 AM ET

    BENGHAZI, Libya, Dec 28- A fire caused by fighting at one of Libya's main export terminals has destroyed more than two days of the country's oil production, officials said on Sunday, as clashes escalated between factions battling for control of the OPEC member nation. A missile hit an oil storage tank last week at the port of Es Sider during fighting between forces...

  • Algeria calls for OPEC to cut production Sunday, 28 Dec 2014 | 9:45 AM ET

    ALGIERS, Algeria— Algeria's oil minister on Sunday called on OPEC to cut production and raise the price of oil, which has plunged dramatically in the last six months. The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to...

  • Venezuela foreign minister Ramirez named UN envoy Friday, 26 Dec 2014 | 8:03 PM ET

    CARACAS, Venezuela— Venezuela's former oil czar, Rafael Ramirez, has been named the nation's envoy to the United Nations. Ramirez was Venezuela's powerful oil czar until this fall, when he was reassigned to be foreign minister. Delcy Rodriguez, who was Venezuela's information minister until October, will take Ramirez's post at the Foreign Ministry.

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non- OPEC nations.

  • *Outlook remains weak as OPEC says will not cut production. LONDON, Dec 23- Brent crude oil rose above $61 a barrel on Tuesday after data showed the U.S. economy grew at its quickest pace in 11 years in the third quarter, outweighing downward pressure from a global glut and evidence of weak demand in other parts of the world. Brent for February rose $1.38 a barrel to a...

  • *OPEC hopes economic recovery will spur fresh demand. *$100 seen as encouraging non- OPEC output. ABU DHABI, Dec 23- Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year as a global economic recovery revives demand, OPEC delegates said this week in the first indication of where the group expects oil markets to...

  • Oil prices edge up, trading thin ahead of Christmas Monday, 22 Dec 2014 | 9:32 PM ET

    *Brent could drop below $60 a barrel, WTI to $50- BoAML. Tuesday's quiet opening followed a volatile session on Monday, when Brent prices first jumped to almost $63 a barrel on the back of strong international market performances before sliding back to not much over $60 after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price.

  • SEOUL, Dec 23- U.S. crude futures edged up on Tuesday on expectations that a recent slump in prices could prompt demand, but gains were capped as Saudi Arabia urged its fellow OPEC members not to cut oil output at any price. *Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's...

  • *U.S. crude falls more than $2 intraday; Brent down over $1. NEW YORK, Dec 22- Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price. After a weekend of comments from several Gulf OPEC members reiterating their intent not...

  • BRUSSELS, Dec 22- Short, snappy and focused on two priorities- reviving sagging investment in Europe and standing firm towards Russia, the first European Union summit under new leadership was a demonstrative break with the past. Donald Tusk, the former Polish prime minister who took over the chairmanship of the 28- nation European Council this month, put his...

  • South Korea's trade ministry said in a statement that the high U.S. tariffs on Korean steel pipes, over $100 million annually, put them at a price disadvantage compared with imports from India and other countries. The U.S. International Trade Commission ruled in August that "oil country tubular goods" imports from South Korea, India, Taiwan, Turkey, Ukraine and...

  • LONDON, Dec 22- Russia has complained that a U.S. move to scrap a 15- year-old deal sheltering Russian flat-rolled steel producers from high import duties is inconsistent with World Trade Organization rules. As a result, Russian steelmaker Severstal now faces anti-dumping duties of 73.59 percent, while other producers like Novolipetsk Steel and...

  • *Copper tracks oil lower after Saudi minister comments. LONDON, Dec 22- Copper dipped on Monday after oil prices retreated and as worries over growth in top consumer China persisted, though a trimming back of surplus forecasts for next year limited losses. Copper prices changed direction after oil resumed its slide after Saudi Arabia's oil minister said OPEC...

  • Brent prices have fallen more than 46 percent since the year's peak in June of above $115 per barrel, sped up by the November decision of the Organization of Petroleum Exporting Countries not to reduce production. Saudi Arabia has also convinced its fellow OPEC members it is not in the group's interest to cut oil output, however far prices may fall, the kingdom's...

  • NEW YORK, Dec 22- Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price. After a weekend of comments from several Gulf OPEC members reiterating their intent not to intervene in oil markets, despite oil prices that have...

  • Libya not producing enough oil for own needs, NOC says Monday, 22 Dec 2014 | 10:11 AM ET

    TRIPOLI, Dec 22- Libya's oil output cannot even cover its own needs, the National Oil Corp said on Monday, as the country struggles with fighting and protests that have hampered production since the 2011 ouster of leader Muammar Gaddafi. OPEC member Libya produced about 1.65 million barrels of crude oil a day the year before Gaddafi's ouster, consuming about...

  • LONDON, Dec 22- Oil fell towards $60 a barrel on Monday, reversing gains after Saudi Arabia indicated it could increase its output. Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey.

  • EU inspection critical of Frankfurt airport security Monday, 22 Dec 2014 | 7:01 AM ET

    BERLIN— The German government says a European Union inspection found security shortcomings at Frankfurt airport, the country's busiest, and that measures have been taken to address them. Interior Ministry spokesman Johannes Dimroth said Monday that the routine inspection took place in early November and found "significant shortcomings."

  • Dec 22- Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in U.S. shale production counters a supply glut exacerbated by OPEC's decision not to cut output, a Reuters monthly survey showed. The Organization of the Petroleum Exporting Countries' agreement last month to stand pat on output meant the onus for any supply...