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  • NEW YORK, Dec 7- British finance minister George Osborne strongly criticised the U.S. Congress's approach to China during a visit to New York on Monday, calling its decision to oppose a greater Chinese role in the International Monetary Fund a "tragedy". Britain had a rare diplomatic rift with the United States this year when it became the first Western nation to...

  • Osborne, in a wide-ranging series of remarks to the U.S. Council on Foreign Relations in New York, also criticised the U.S. Congress for blocking reform of the International Monetary Fund and said progress was being made in negotiations on European Union political reform.

  • *Brent crude nears 7- year low after OPEC meeting. Dec 7- Wall Street fell on Monday as energy and raw material stocks took a hit, with oil prices falling to their lowest in nearly seven years. Brent crude and U.S. crude extended their decline and fell as much as 5 percent, after OPEC's meeting last week failed to address a growing supply glut.

  • GENEVA/ WINNIPEG, Dec 7- Canada and Mexico may impose tariffs worth $1 billion onto U.S.-traded products, a World Trade Organization panel ruled on Monday, as the countries prepared to retaliate over the United States' meat-labeling rules. A WTO panel set the annual retaliation level at C $1.055 billion for Canada and $228 million for Mexico, considerably less...

  • *Oil stocks down on OPEC inaction. LONDON, Dec 7- European shares saw weak gains on Monday as the price of crude neared 7- year lows, pulling down oil shares, and Electrolux's share price slumped after its deal to buy General Electric's appliance business fell through. Oil prices fell after an OPEC policy meeting on Friday ended without an agreement to lower...

  • *Brent crude hits nearly 7- year low after OPEC meeting. Brent crude prices fell to $41.20, their lowest since February 2009 after the Organization of the Petroleum Exporting Countries ended its policy meeting on Friday in disagreement over production cuts and without a reference to its output ceiling. Brent crude was last down $1.52, or 3.53 percent, at $41.48 a...

  • GENEVA, Dec 7- Canada and Mexico may impose tariffs onto U.S.-traded products worth about $1 billion, a World Trade Organization panel ruled on Monday, as the countries prepared to retaliate over the United States' meat-labelling rules. A WTO arbitration panel set the annual level of retaliation at C $1.055 billion for Canada and $228 million for Mexico,...

  • BRUSSELS, Dec 7- Eleven European Union finance ministers aimed to reach agreement on Monday on the basic principles of a uniform tax on financial transactions, although officials said there were still outstanding differences going into the meeting. In September this year, the ministers from Germany, France, Italy, Austria, Belgium, Estonia, Greece, Portugal,...

  • *OPEC's just-ended policy meeting exposes rift within group. NEW YORK/ LONDON, Dec 7- Crude oil futures tumbled to their lowest in nearly seven years on Monday after OPEC failed to address a growing supply glut, while a stronger dollar made it more expensive to hold crude positions. For the first time in decades, OPEC oil ministers dropped any reference to the...

  • *OPEC omission of output target reference exposes rift. LONDON, Dec 7- Oil prices fell to their lowest in nearly seven years on Monday after OPEC's meeting ended in disagreement over production cuts and without a reference to its output ceiling, while a stronger dollar made it more expensive to hold crude positions. "A stronger dollar and the aftershock of...

  • BRENT CRUDE OIL FUTURES FALL $1 A BARREL TO BELOW $42, THE LOWEST LEVEL SINCE MARCH 2009 ON OPEC INACTION AND STRONG U.S.

  • Don't expect to see oil above $50 for a while Monday, 7 Dec 2015 | 8:37 AM ET
    A worker inspects valves and pipes at an oil gathering station in Russia.

    If futures are right, oil isn't heading back above $50 until late 2017.

  • *OPEC ditches even the mention of output targets. SINGAPORE, Dec 7- Investors are betting on the oil price staying lower for even longer after OPEC's decision to ditch a formal production ceiling, pushing U.S. crude futures for delivery nearly 10 years away below $60 a barrel. In the run-up to the OPEC decision, oil derivatives showed investors had, unusually, been...

  • *OPEC omission of output target reference exposes rift. LONDON, Dec 7- Oil prices edged closer to 2015 lows on Monday after OPEC failed to agree on a production curb to stem sliding prices and a stronger dollar made it more expensive to hold crude positions. "A stronger dollar and the aftershock of Friday's OPEC meeting are weighing on the oil market," said Tamas Varga,...

  • *Oil near 2015 lows after OPEC keeps output high. LONDON, Dec 7- European shares started the week strongly on Monday, buoyed by gains on Wall Street and a weaker euro, while the dollar rose after upbeat jobs data on Friday bolstered investor confidence in the strength of the U.S. economy. Crude oil prices held near their lowest levels of the year after OPEC failed to...

  • LONDON, Dec 7- A sell-off in euro zone bond yields kicked into reverse on Monday as oil prices tumbled close to 2015 lows and ECB president Mario Draghi said he stood ready to deploy further stimulus to achieve the central bank's inflation target. But an OPEC decision to keep oil output high which sent the price of crude near 2015 lows, combined with a pledge from...

  • *OPEC ditches even the mention of output targets. For the first time in decades, OPEC even failed to agree to a production ceiling- previously at 30 million barrels per day- due to a disagreement between Saudi Arabia and Iran. As recently as late November, U.S. crude for December 2022 delivery and onward was trading slightly above $60 per barrel, but following the OPEC...

  • *OPEC ditches any reference to output ceiling. SINGAPORE, Dec 7- Crude prices fell on Monday in the first trading session after OPEC members failed to agree on output targets to reduce a bulging oil glut that has cut prices by more than 60 percent since June 2014. Morgan Stanley said OPEC "believes its strategy is slowly working."

  • SYDNEY, Dec 7- Asian share markets bounced on Monday after Wall Street welcomed an upbeat U.S. jobs report that suggested the world's biggest economy was well placed to handle an expected first increase in interest rates in almost a decade. Oil prices were near their lowest since 2009 in the wake of the Organization of the Petroleum Exporting Countries' decision...

  • *OPEC fails to agree production ceiling. SINGAPORE, Dec 7- Crude prices fell on Monday in the first trading session after OPEC- members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 percent since June 2014. Analysts said that OPEC would likely maintain its production around current levels of 31.5...