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  • *OPEC oil production hits 2.5- year high in May- Reuters survey. LONDON, June 1- Crude oil prices dropped on Monday as the dollar rose and on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations. "OPEC continues to produce well above target, and also well above demand for its oil," said Carsten Fritsch,...

  • LONDON, June 1- The euro tumbled on Monday after Greece missed a self-imposed Sunday deadline for reaching an agreement with its lenders to unlock aid, keeping alive fears of a debt default and potential exit from the euro zone. Athens and its euro zone and International Monetary Fund creditors have been locked in talks for months, with the single currency...

  • UPDATE 4-Oil prices fall as OPEC output stays high Monday, 1 Jun 2015 | 3:42 AM ET

    *OPEC oil production hits 2.5- year high in May- Reuters survey. LONDON, June 1- Crude oil prices dropped on Monday on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations. "OPEC continues to produce well above target, and also well above demand for its oil," said Carsten Fritsch, senior oil analyst at...

  • *China, South Korea economies stutter. *Morgan Stanley expects prices to fall in H2 2015. SINGAPORE, June 1- Crude oil prices dropped on Monday on expectations that OPEC production would remain high and as Asia's manufacturing output stuttered, stoking worries of oversupply despite declining U.S. rig operations.

  • LONDON, June 1- European shares kicked off June on a positive note on Monday, helped by a rise in pharma stocks, although main indexes were still stuck in their recent range as uncertainty persisted over Greece's future. Athens and its euro zone and International Monetary Fund creditors have been locked in talks for months on a cash-for-reforms agreement.

  • The U.S. oil fracker's dilemma: crouch or pounce? Monday, 1 Jun 2015 | 1:00 AM ET

    HOUSTON, June 1- U.S. shale oil producers, having weathered the worst price plunge in their industry's brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices. The June 5 meeting of U.S. rivals in the Organization of the Petroleum Exporting Countries...

  • NEW YORK, June 1- The Obama administration has found an unlikely ally in its efforts to keep pushing more biofuel into the nation's gasoline supply: OPEC. "The market incentives are there for ethanol, without this proposal, said Scott Irwin, a professor of agricultural economics at the University of Illinois. The current pace of demand would put ethanol use at some...

  • SHANGHAI, June 1- China's yuan firmed against the dollar on Monday after the G7 agreed in principle that it would be good to include the currency in the International Monetary Fund's currency basket, traders said. The People's Bank of China set the midpoint rate at 6.1207 per dollar prior to market open, the lowest level since Apr.28, or 0.02 percent weaker than the...

  • *Morgan Stanley expects prices to fall in H2 2015. SINGAPORE, June 1- Crude oil prices dipped early on Monday on expectations OPEC output would remain high after rising in May, stoking worries of oversupply despite declining U.S. rig operations. U.S. bank Morgan Stanley said that prices could fall in the second half of the year, although it said it was unlikely they...

  • SINGAPORE, June 1- Crude oil prices dipped in early Asian trading on Monday as rising OPEC output and an expectation that the group would keep production high added to sentiment that the market remained over supplied despite ongoing falls in U.S. rig operations. Yet prices dipped on Monday as the market continued to be over supplied due to near record production...

  • PARIS, May 31- Greek Prime Minister Alexis Tsipras said Greece should not be blamed for not yet reaching a deal with its creditors and called on fellow European leaders to bypass technical talks and come to a political solution. Tsipras also responded to criticism that Greece was holding up a deal with the lenders because it resisted pension reforms and...

  • VIENNA, May 31- OPEC is likely to keep its output target unchanged when it meets on Friday because the global oil market appears to be in good shape and prices are expected to firm up from current levels, a senior Gulf OPEC delegate told Reuters. Two more OPEC delegates said they expect no change in policy on June 5 when oil ministers from the Organization of the...

  • VIENNA, May 31- OPEC is likely to keep its output target unchanged when it meets on Friday as the global oil market appears to be in good shape and prices are expected to firm up from current levels, a senior Gulf OPEC delegate told Reuters. "It is unlikely that OPEC will make a decision regarding its production ceiling for two reasons: the first one that Russia and...

  • NON-OPEC PRODUCERS HAVE SHOWN THEIR' NON-DESIRE' TO COOPERATE WITH OPEC IN ANY OUTPUT CUT- GULF DELEGATE.

  • OPEC LIKELY TO MAINTAIN ITS OIL OUTPUT CEILING ON JUNE 5- SENIOR GULF OPEC DELEGATE.

  • VIENNA, May 29- OPEC will meet next week amid rising global demand and a reduction in supply, which are both helping to support prices, two OPEC officials said after pre-meeting talks. OPEC refused to cut output at the November meeting, seeking to slow higher-cost production in the United States and elsewhere that had been eroding its market share.

  • NEW YORK, May 29- Oil rose 3 percent on Friday, as a rally in the dollar faded and after data from a day ago showed a fourth straight weekly draws in U.S. crude oil stockpiles. With the Organization of the Petroleum Exporting Countries widely expected not to cut production at its June 5 meeting, prices could see more pressure, especially if the dollar surges again,...

  • WASHINGTON, May 29- German newspaper Frankfurter Allgemeine Zeitung has corrected an interview with International Monetary Fund head Christine Lagarde in which she had been quoted as saying that a Greek exit from the euro zone was a "possibility". The IMF released a transcript of the interview, which was still having an impact on markets on Friday.

  • VIENNA, May 29- OPEC is gearing up for a meeting next week amid rising global demand and a reduction in supply, which are both helping to support prices, two OPEC officials said after pre-meeting talks. A calmer mood among delegates compared with the last OPEC meeting in November 2014 means it is likely to keep its production policies unchanged despite a...

  • DRESDEN, Germany, May 29- Finance chiefs from the Group of Seven industrial nations agreed on Friday that including China's renminbi in the International Monetary Fund's currency basket is desirable, but a technical review must be completed first. The inclusion of the renminbi, also known as the yuan, as part of the IMF's unit of account would mark another stage...