Fattouh and Mahadeva examine how the cartel's strategy and power over oil prices have varied over time depending on market conditions and the interaction among OPEC members.

*Google and IBM both rally after reporting results. *Apple results due after market closes along with Netflix. Tech shares will be in focus with earnings due from tech heavyweight Apple and following strong results from both IBM and Google, which rallied in premarket trading and continued the string of major companies outperforming following results.

*Israel elections reduce risk of Iran strike, analysts say. LONDON, Jan 23- Brent crude oil held steady above $112 a barrel on Wednesday as investors awaited inventory data from the United States for clues to demand in the world's largest oil consumer. These added to upbeat economic data this month from the top two economies, the United States and China.

*Deep Space Industries plans in-orbit manufacturing. Deep Space Industries, based in Santa Monica, California, said its inaugural mission is targeted for 2015, when it would send a small hitchhiker spacecraft called "Firefly" on a six-month expedition to survey an as-yet-unidentified asteroid.

TOKYO, Jan 23- Asian shares retreated from multi-month highs on Wednesday amid caution as the earnings season gathers pace, with Tokyo stocks falling to three-week closing lows in response to a firm yen.

*Microsoft may provide up to $3 bln in mezzanine financing- CNBC. SAN FRANCISCO, Jan 22- Microsoft Corp is in discussions to invest between $1 billion and $3 billion of mezzanine financing in a buyout of Dell Inc, CNBC cited unidentified sources as saying on Tuesday. Microsoft and Dell both declined to comment on the CNBC report.

*Nebraska: TransCanada will adhere to 57 safety conditions. WASHINGTON, Jan 22- The Obama administration has delayed a decision on TransCanada Corp's rerouted Keystone XL oil pipeline until after March, even though Nebraska's governor said on Tuesday he approved a plan for a section of the line.

By 0804 GMT, Europe's top shares rose 1.34 points, or 0.1 percent, to 1,166.83, taking their cue from a late rally overnight on Wall Street and helped by reassuring earnings from likes of tech firms Google and IBM. In Europe, Novartis was the top gainer, up 2.7 percent, after saying it expects sales to grow in the mid-single digits from 2014..

NEW YORK, Jan 23- U.S. and European stocks moved higher on Wednesday, helped by strong earnings reports and signs American lawmakers were close to raising the federal debt limit. Technology shares were a focus, with Apple earnings due late in the day, following strong results from IBM and Google on Tuesday.

MADRID, Jan 22- Foreign investors piled into Spain's new 10- year bond on Tuesday and the country also beat targets at a short-term debt sale as it made the most of renewed appetite for lending to the euro zone's weaker economies.

Jan 22- Arena Pharmaceuticals Inc said the European health regulator had raised concerns with the company's obesity drug, Belviq, sending its shares down as much as 10 percent.

*White House, some Democrats prefer long-term solution. WASHINGTON, Jan 22- A measure to extend the U.S. debt limit for nearly four months moved closer on Tuesday to a vote and the White House said the president would sign the bill if it cleared Congress, easing uncertainty that could have threatened the U.S. economy.

*MSCI World index flat as corporate earnings eyed. LONDON, Jan 23- World shares hovered near 20- month highs on Wednesday, supported by some upbeat corporate earnings, an easing of fears about the U.S. debt ceiling and a better outlook for the global economy.

Jan 23- Rare earth producer Molycorp Inc warned of significantly lower revenue and cash flow for the first half of the year and said it might have a cash shortfall of about $250 million for the year, sending its shares down more than 10 percent premarket.

*2nd- qtr EPS $1.23 vs $1.28 Wall Street forecast. Jan 23- Upscale leather-goods maker and retailer Coach Inc on Wednesday reported holiday quarter revenue below Wall Street forecasts as a tough economy and stiff competition in the women's handbags segment hurt sales in North America.

MUNICH, Jan 23- German industrial bellwether Siemens underlined the need for it to keep cutting costs to keep pace with its peers, warning that demand for factory equipment is unlikely to pick up until late this year.

*Google and IBM both rally in premarket after results. *Apple results due after market closes, along with Netflix. *Google Inc rose 5.1 percent to $738.61 in light premarket trading a day after the search giant's core Internet business outpaced expectations.

*2nd- qtr EPS $1.23 vs $1.28 Wall Street forecast. Jan 23- Upscale leather-goods maker and retailer Coach Inc on Wednesday reported holiday quarter revenue below Wall Street forecasts as a tough economy and stiff competition in the women's handbags segment hurt sales in North America.

Jan 23- Rare earth producer Molycorp Inc expects significantly lower-than-estimated revenue and cash flow for the first half of 2013 and said it might have a cash shortfall of about $250 million for the year.