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  • 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...

  • NEW YORK, Dec 31- Oil prices fell on Friday to a 5-1/ 2- year low and ended with their second-biggest annual decline ever, down by half since June under pressure from a global glut of crude. Oil prices have collapsed this year as the Organization of the Petroleum Exporting Countries opted to maintain the same level of output despite a global glut caused by expanding...

  • *Libyan fighting cuts OPEC output to six-month low. Brent February crude was down $1.25 at $56.65 a barrel at 11:09 a.m. EST, after dropping as low as $55.81, its weakest since May 2009. U.S. crude was down $1.02 at $52.92, off its $52.51 intraday low.

  • *Libyan fighting cuts OPEC output to six-month low. LONDON, Dec 31- Oil dropped towards $56 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output. Global benchmark Brent crude has fallen 49 percent in 2014 as demand growth...

  • *Libyan fighting cuts OPEC output to six-month low. LONDON, Dec 31- Oil dropped below $57 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output. Global benchmark Brent crude has fallen 49 percent in 2014 as demand growth slowed,...

  • Brent for February delivery fell 25 cents to $57.63 as of 0528 GMT, after tumbling to $57.37 in the previous session, the lowest level since May 2009. U.S. crude for February delivery fell 28 cents to $53.33 after it settled down $1.12 on Monday, when it hit an intraday low of $52.90- also the lowest since May 2009. "There's no sign of any reduction of output by OPEC," said...

  • IMF mission to visit Ukraine from Jan 8 Monday, 29 Dec 2014 | 5:12 AM ET

    KIEV, Dec 29- An International Monetary Fund mission will visit Ukraine in early January for more discussions over implementation of an economic reform programme, the IMF said on Monday. The IMF, which had previously flagged a visit for sometime in January, said the mission would begin work in Kiev on Jan. 8 and could conclude before the end of the month.

  • UPDATE 2-Oil prices climb on Libya supply worries Monday, 29 Dec 2014 | 12:50 AM ET

    *Brent climbs towards $60; U.S. crude rises above $55. SINGAPORE, Dec 29- Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member. "Libya, and all the other problems, warrants some kind of risk premium," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

  • Ukraine's parliament approves 2015 budget Sunday, 28 Dec 2014 | 10:49 PM ET

    KIEV, Dec 29- Ukraine's parliament backed a budget for 2015 on Monday that it had been under pressure to approve to secure the next tranche of financial aid under a $17 billion International Monetary Fund loan package, the Interfax news agency reported. Before the budget vote in the early hours of the morning, deputies approved a series of austerity laws,...

  • *Brent climbs towards $60; U.S. crude rises above $55. SINGAPORE, Dec 29- Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member. "Libya, and all the other problems, warrants some kind of risk premium," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

  • 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...

  • 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...