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  • U.S. Congress will not pass IMF reforms this year Wednesday, 10 Dec 2014 | 11:42 AM ET

    WASHINGTON, Dec 9- Funding for the International Monetary Fund did not make it into U.S. spending legislation this year, another setback for historic reforms aimed at giving emerging markets more say in how the world lender is run. The reforms would double the fund's resources and hand more IMF voting power to countries like the BRICS: Brazil, Russia, India, China...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. *Brent crude falls below $65/ bbl, lowest since Sept 2009. LONDON, Dec 10- Brent crude oil fell to a new five-year low below $65 a barrel on Wednesday on mounting signs of oversupply and lacklustre demand as global economic growth falters.

  • MOSCOW, Dec 10- The rouble extended losses on Wednesday afternoon as oil prices slid to a new five-year low after the OPEC oil producers' group cut its demand forecast for next year. Global oil benchmark Brent was around 3 percent lower, below $65 a barrel, in late afternoon trading in Moscow. "The general feeling is that the CBR needs to come up with a sizeable package...

  • LONDON, Dec 10- Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom. The report follows OPEC's decision last month not to try and prop up prices by cutting output.

  • Renewed slide in energy stocks sends Europe shares lower Wednesday, 10 Dec 2014 | 10:11 AM ET

    LONDON, Dec 10- European equities turned negative on Wednesday, as a fresh fall in the price of Brent crude oil hit energy stocks. "Crude oil is under punishment today once again on the back of the OPEC news. OPEC has cut its demand forecast for next year and this has unbalanced the demand and supply equation further and traders are not liking the sound of this at all, "...

  • EU considers tightening ban on energy, tourism in Crimea Wednesday, 10 Dec 2014 | 10:05 AM ET

    BRUSSELS, Dec 10- The European Union is considering widening its ban on investment in Crimea to include barring the sale of technology used for oil and gas exploration and stopping EU firms running tourist businesses there, according to a draft document seen by Reuters. The proposals, being worked on by EU officials, would also ban EU citizens from buying or...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. *WTI falls almost $2 to $61.97/ bbl, lowest since July 2009. U.S. crude was down $1.69 at $62.13, having fallen $1.85 to $61.97 in early New York trading, its lowest since July 2009.

  • DUBAI, Dec 10- Iranian President Hassan Rouhani has blamed unnamed countries of plotting to bring down crude prices and said the recent slump in oil prices was not based solely on economic factors. While some such as Iran and Venezuela have urged an output cut to support prices, the Organization of the Petroleum Exporting Countries decided in a meeting last...

  • UPDATE 2-BP to spend $1 bln on thousands of job cuts Wednesday, 10 Dec 2014 | 8:41 AM ET

    LONDON, Dec 10- BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. "Given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further," BP head of upstream Lamar McKay...

  • LONDON, Dec 10- Global demand for OPEC crude in 2015 will be less than expected and far below its current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom. The report follows OPEC's decision last month not to prop up prices by cutting output. Top exporter Saudi Arabia urged fellow...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. LONDON, Dec 10- Brent crude oil slipped below $66 a barrel on Wednesday, just above a five-year low, as producers forecast lower demand for their oil next year. Brent futures for January fell to a low of $65.54 a barrel, down $1.30, before recovering slightly to trade around $65.90 by 1215 GMT.

  • LONDON, Dec 10- Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015.. In a monthly report, the Organization of the Petroleum Exporting Countries forecast demand for the group's oil will drop to 28.92 million...

  • *Left-wing of Socialist Party warns they will oppose. PARIS, Dec 10- France's government proposed a reform bill on Wednesday that is crucial for avoiding EU sanctions but risks being watered down by left-wing lawmakers angry with President Francois Hollande's deregulation drive. It is France's attempt to prove to its European Union peers that the euro zone's...

  • Low VAT doesn't always help poor - OECD Wednesday, 10 Dec 2014 | 2:08 AM ET

    PARIS, Dec 10- Lower rates of value added tax do not always benefit the poor, the OECD think tank said on Wednesday in a report urging governments instead to consider means-tested and other direct benefits to boost income equality. The Paris- based Organization for Economic Co-operation and Development found that reduced VAT rates on certain goods and services...

  • ALGIERS, Dec 9- OPEC may still hold an emergency meeting before its June session to discuss how to tackle a surplus in global oil supplies and a drop in prices, Algeria's energy minister said on Tuesday. "We will continue our efforts through dialog with OPEC and non- OPEC producers to remove a surplus estimated at 2 million barrels per day," Youcef Yousfi told state...

  • NEW YORK, Dec 9- Investors aggressively sold equities worldwide on Tuesday, after China's market posted its worst day in five years and oil prices fell to levels not seen since 2009.. Oil prices have been under pressure as the dollar has strengthened and after the Organization of the Petroleum Exporting Countries decided against an output cut.

  • EU-Cuba talks delayed by dispute over cultural event Tuesday, 9 Dec 2014 | 10:00 AM ET

    BRUSSELS/ HAVANA, Dec 9- Cuba has delayed negotiations towards an accord with the European Union aimed at opening up the Communist-ruled island, citing a dispute over an EU cultural event in Washington, people close to the matter said on Tuesday. The third round of talks, due to take place on Jan. 8-9 in Havana, was scheduled to discuss human rights, always a sensitive...

  • *Brent hits fresh 5- year low of $65.29/ bbl. LONDON, Dec 9- Brent crude oil fell to a 5- year low below $66 a barrel on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut. Industry sources said Tuesday that top OPEC oil exporter Saudi Arabia will keep crude sales at full contracted volumes for Asian term buyers next month in the latest sign...

  • MOSCOW, Dec 9- The World Bank said on Friday it expected the Russian economy to contract by 0.7 percent in 2015 in its new baseline scenario before growing by 0.3 percent in 2016.. The new baseline, or most likely scenario, assumes an average oil price of $78 per barrel for 2015 and of $80 per barrel for 2016.. "Investment is projected to contract for a third year in a row...

  • WORLD BANK SAYS IN NEW BASELINE SCENARIO RUSSIAN ECONOMY WILL CONTRACT BY 0.7 PCT IN 2015, GROW 0.3 PCT IN 2016.