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  • *U.S. shale oil, OPEC production remain high. LONDON, Jan 7- Brent crude oil recovered slightly after falling below $50 a barrel on Wednesday for the first time since May 2009, as traders took stock after a sharp slide since the start of the year. Brent fell in the previous four sessions as stockpiles of oil mount with no signs of a cut in production from OPEC.

  • *U.S. shale oil, OPEC production remain high. LONDON, Jan 7- Brent crude oil recovered slightly after falling below $50 a barrel for the first time since May 2009 on Wednesday, as traders re-assessed their books after a sharp slide since the start of the year on a growing supply glut and weak global demand. Prices have lost around 55 percent since their peak above $115...

  • *U.S. shale oil, OPEC production remain high. LONDON, Jan 7- Brent crude oil fell below $50 a barrel for the first time since May 2009 on Wednesday, hammered by a growing supply glut and weak global demand. Benchmark Brent crude futures were down 85 cents at $50.25 by 0916 GMT, having fallen as low as $49.66, a level last seen in May 2009.

  • *U.S. shale oil, OPEC production remain high. The pace of global business growth eased to its weakest rate in over a year at the end of 2014 as rates of expansion slowed in both the manufacturing and service industries, according to JPMorgan's Global All-Industry Output Index, produced with Markit. Benchmark Brent crude futures fell to $50.47 a barrel, their lowest...

  • *Says prices could recover if non- OPEC producers "act rationally". DUBAI, Jan 7- Oil market oversupply may last months or even years, but prices could recover if non- OPEC producers "act rationally," the United Arab Emirates oil minister said in remarks published on Wednesday. The comment by Suhail bin Mohammed al-Mazrouei in an interview with The National daily...

  • *U.S. shale oil, OPEC production remain high. *Asia and Europe struggle with low growth. The low prices are a result of high output clashing with sluggish demand, especially in Europe, which is still struggling with its debt crisis, and in Asia, where China's growth is slowing and Japan is battling recession.

  • UN unit wants flights to check in every 15 mins Tuesday, 6 Jan 2015 | 5:34 PM ET

    The United Nations aviation agency will propose a new standard that requires commercial aircraft to report their position every 15 minutes.

  • NEW YORK, Jan 6- As a test of wills between OPEC nations and U.S. shale drillers fuels a global oil market slump, a brewing battle between Canadian and Saudi Arabia heavy crudes for America's Gulf Coast refinery market threatens to drive prices even lower. From the Middle East, top exporter Saudi Arabia is offering crude at discounted prices in an attempt to defend...

  • *Saudi Arabia cuts official selling prices to Europe. Brent crude fell by 3 percent to below $52 a barrel as cuts to monthly oil selling prices for European buyers by top OPEC producer Saudi Arabia heightened worries about oversupply. While Saudi Arabia increased its selling price to Asia, some analysts said the cuts to Europe reflect the kingdom's deepening...

  • Brent crude held below $53 a barrel as monthly oil selling price cuts for European buyers from top OPEC producer Saudi Arabia heightened worries about oversupply. "Saudi Arabia is showing no signs of pulling back," said Bjarne Schieldrop, chief commodity analyst with SEB in Oslo. While Saudi Arabia increased its selling price to Asia, some analysts said the cuts...

  • SEOUL, Jan 6- South Korea confirmed on Tuesday it had begun to impose a tariff of over 500 percent on rice imports from the start of the year, but added that five members of the World Trade Organization had raised concerns over the level. A joint statement by the country's finance, trade and agriculture ministries on Tuesday added that Seoul would hold bilateral...

  • U.S crude crashed below $50 a barrel while benchmark Brent tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports near 35- year peaks. U.S. driller ConocoPhillips added to the bearish mood by announcing it struck first oil at a Norwegian North Sea project. The Organization of the Petroleum Exporting Countries...

  • DUBLIN/ BRUSSELS, Jan 5- Ireland has become the first European Union country allowed to export beef to the United States, 17 years after Washington banned EU imports over mad cow disease. The latest U.S. decision clears the way for Irish authorities to approve individual beef plants to export to the United States, the Irish government said. A report on the U.S....

  • Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day, up 0.7 percent thanks to small non-state producers, Energy Ministry data showed. But oil producer group OPEC has decided not to cut output, opting to let the market find its own level. Brent crude for February dropped as low as $54.02 a barrel, down $2.40 from Friday's...

  • UPDATE 3-Oil hits 5-1/2-year lows on supply glut Monday, 5 Jan 2015 | 3:36 AM ET

    Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day, up 0.7 percent thanks to small non-state producers, Energy Ministry data showed. But oil producer group OPEC has decided not to cut output, opting to let the market find its own level. Brent crude for February dropped as low as $55.25 a barrel, its weakest since May 2009,...

  • NEW YORK, Jan 5- As a war of nerves between U.S. shale producers and Gulf powerhouses intensifies, OPEC's biggest members are counting down the months until their upstart rivals lose the one thing shielding them from crashing oil prices- hedges. OPEC officials hope that once U.S. oil companies get fully exposed to the impact of an over 50 percent slide in crude...

  • *German Economy Minister says Greece should stay in euro zone. BERLIN, Jan 4- The German government wants Greece to stay in the euro zone and there are no contingency plans to the contrary, Vice Chancellor Sigmar Gabriel said on Sunday, responding to a media report that Berlin believes the currency union could cope without Greece. "The goal of the German government,...

  • ASUNCION, Jan 2- Paraguay's finance minister, German Rojas, has resigned for personal reasons and will be replaced by a senior central bank official, local media on Friday. Rojas will be replaced by Santiago Pena, a U.S.-trained economist who worked for the International Monetary Fund in Washington for three years before taking up his job as one of four directors...

  • DUBAI, Jan 1- Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters. Oil prices closed on Wednesday at a 5-1/ 2 year low, registering their second-biggest ever annual decline after OPEC oil exporters, led by Saudi...

  • South Korea Dec exports to China, U.S., EU all rise Wednesday, 31 Dec 2014 | 8:11 PM ET

    SEOUL, Jan 1- South Korean exports to its top three markets of China, the United States and the European Union all posted growth in December over a year earlier, government data showed on Thursday. Shipments to China rose 1.7 percent in December from a year earlier, exports to the United States jumped 21.5 percent and sales to the European Union grew 5.6 percent, the...