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  • DUBAI, Dec 12- Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said on Friday, signalling no change in the kingdom's supply, despite a global oil glut and a steep fall in prices. OPEC heavyweight Saudi Arabia pumped 9.610 million barrels of oil per day in November, some 80,000 bpd less than its production in October,...

  • *China- South Korea in deadlock over LCD panels. GENEVA, Dec 12- Talks on cutting trade tariffs on hundreds of information technology products collapsed on Friday, delaying and potentially scuppering a deal estimated to be worth $1 trillion to global trade. Several participants blamed their failure on a deadlock between China and South Korea over liquid...

  • *China- South Korea deadlock over LCD panels. GENEVA, Dec 12- Talks on cutting trade tariffs on hundreds of information technology goods failed to reach agreement on Friday, diplomats at the World Trade Organization said. However, it was unclear how further talks would overcome the obstacle of China and South Korea's deadlock over liquid crystal display screens,...

  • WTO TALKS FAIL TO CLINCH DEAL ON TRILLION DOLLAR TARIFF CUTS ON INFORMATION TECHNOLOGY GOODS- DIPLOMATS.

  • WASHINGTON, Dec 12- The head of the International Monetary Fund said on Friday the global lender was ready to discuss ways to move forward without the United States on reforms that would give emerging markets greater IMF voting power. The agreed changes would double the Fund's resources and hand more IMF voting power to countries such as Brazil, Russia, India,...

  • UPDATE 11-Oil tumbles towards $62 on supply glut Friday, 12 Dec 2014 | 10:09 AM ET

    LONDON, Dec 12- Oil fell to fresh lows not seen since July 2009 on Friday with Brent crude slipping towards $62 a barrel on concerns over a global supply glut and weak demand. The International Energy Agency said oil prices would likely come under further pressure, cutting its outlook for demand growth in 2015 and predicting that non- OPEC output gains would...

  • Oil plunges again, reaches recession-level depths Friday, 12 Dec 2014 | 6:12 AM ET

    Friday's trigger was a lowered expectation for oil consumption from the International Energy Agency. The benchmark U.S. oil price closed down $2.14 to close at $57.81 a barrel in New York. OPEC said Wednesday that higher production from non- OPEC members and weak global economic growth will reduce demand for its oil to 28.9 million barrels a day next year.

  • LONDON, Dec 12- Oil prices will likely come under further downward pressure, the International Energy Agency said on Friday as it cut its outlook for demand growth in 2015 and predicted that healthy non- OPEC supply gains were poised to aggravate a global oil glut. The selloff gained pace after OPEC decided last month to keep its output target unchanged to fight...

  • BEIJING, Dec 12- China expressed regret on Friday at the failure of U.S. Congress to pass reforms to give emerging markets greater say at the International Monetary Fund. The changes would double the fund's resources and hand more IMF voting power to countries such as Brazil, Russia, India, China and South Africa, also known as BRICS. China also launched a proposed...

  • LONDON, Dec 12- Brent crude oil slipped on Friday to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. The market has reacted strongly to the OPEC forecast cut, and it is focusing only on the negative, "said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.

  • GENEVA, Dec 11- A trillion dollar deal at the World Trade Organisation to reduce tariffs in the vast information technology sector will stand or fall in the next 24 hours, trade diplomats said on Thursday. But late on Thursday one trade official involved with the talks said a deal would be very unlikely because of a stand-off between South Korea and China, which was...

  • Oil closes below $60, 1st time since July 2009 Thursday, 11 Dec 2014 | 3:03 PM ET

    The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95. The drop is a result of rising global oil production, especially in the U.S., at a time when demand has weakened because of slowing economies in Asia and Europe. OPEC said this week that higher production from non- OPEC members and global economic...

  • Trillion dollar IT trade deal on a knife-edge at the WTO Thursday, 11 Dec 2014 | 12:36 PM ET

    GENEVA, Dec 11- A trillion dollar deal at the World Trade Organisation to reduce tariffs in the vast information technology sector will stand or fall in the next 24 hours, trade diplomats said on Thursday. "However, while the finalisation of the negotiations appears certainly within reach, there is still some distance, small compared with the long way we have...

  • Libya's airlines banned from EU skies Thursday, 11 Dec 2014 | 11:18 AM ET

    BRUSSELS— The European Union has banned Libya's seven airlines from operating in European skies, citing safety concerns linked to the ongoing fighting there. Violeta Bulc, EU commissioner for transport, said Thursday that "recent events in Libya have led to a situation whereby the civil aviation authority is no longer able to fulfil its international...

  • UPDATE 6-Oil slips towards $64, oversupply weighs Thursday, 11 Dec 2014 | 9:56 AM ET

    *Commerzbank cuts 2015 Brent forecast to $73. Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut. "We may see some technical bounces, but it is too soon to speak of a sustainable price...

  • *Commerzbank cuts 2015 Brent forecast to $73. *OPEC sees lower demand, Saudi questions need for output cut. Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut.

  • European Union licks envelope cartel Thursday, 11 Dec 2014 | 7:30 AM ET

    AMSTERDAM— The European Commission's top competition regulator has unveiled a settlement with five envelope-makers, fining them a total of 19.4 million euros for forming a cartel. Competition Commissioner Margrethe Vestager said Thursday the fines levied against Sweden's Bong, France's GPV and Hamelin, Germany's Mayer-Kuvert and Spain's Tompla would...

  • KIEV, Dec 11- Ukraine's prime minister on Thursday called for a conference of international lenders to be held to provide the country with extra funds to head off possible default. He specifically referred to a report in the Financial Times that the International Monetary Fund, which is visiting Kiev this week for talks on an existing $17 billion bailout...

  • *OPEC sees lower demand, Saudi questions need for output cut. Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut. North Sea Brent crude rose 44 cents to $64.68 by 0907 GMT, up from...

  • SEOUL, Dec 11- U.S. crude futures edged back above $61 a barrel in early Asian trade on Thursday, but remained near the lowest for more than 5 years after data showing a spike in U.S. oil stocks and after another pledge by Saudi Arabia not to cut output. Other OPEC member Venezuela's foreign minister and top OPEC emissary Rafael Ramirez provided his country's answer...