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  • *U.S. crude futures for November delivery gained 44 cents at $47.54 a barrel as of 0020 GMT after settling down $2.53 at $47.10 on Monday. *Kuwait said on Monday there were no calls within OPEC to change the oil group's production policy and that lower output from high-cost producers could support prices in 2016, adding to signs OPEC will keep its strategy of...

  • *OPEC output weighs on crude prices. *Gold at 3- month high on Fed bets. NEW YORK, Oct 12- Crude oil futures tumbled on Monday on profit-taking and a report of higher OPEC production, while pressure lingered on the U.S. dollar as markets priced the possibility that the Federal Reserve would not begin a tightening cycle this year.

  • *OPEC to continue defending market share- Kuwait oil minister. NEW YORK, Oct 12- Oil prices tumbled on Monday, settling 5 percent lower as traders took profits after last week's surge to an 11- week high, and on a report that OPEC continued to boost crude production despite a persistent glut. Both Brent and U.S. crude futures posted the biggest percentage declines...

  • *OPEC output weighs on crude prices. NEW YORK, Oct 12- Crude futures tumbled on Monday on profit-taking and a report of higher OPEC production, while pressure lingered on the U.S. dollar as markets priced the possibility that the Federal Reserve would not begin a tightening cycle this year. Secondary sources cited in OPEC's monthly report said the group pumped...

  • *OPEC to continue defending market share- Kuwait oil minister. NEW YORK, Oct 12- Oil prices tumbled more than $2 dollars, hitting fresh session lows on Monday, as traders took profits after last week's surge to an 11- week high, and on a report that OPEC continued to boost crude production despite a persistent glut. Benchmark Brent crude was down $2.22, or more than 4...

  • *OPEC continues to boost production. *OPEC to continue defending market share- Kuwait oil minister. NEW YORK, Oct 12- Oil prices tumbled on Monday, as traders took profits after last week's surge to an 11- week high, and on a report that OPEC continued to boost crude production despite a persistent glut.

  • In an exclusive interview with Reuters, Venezuela's long-time oil minister and current United Nations ambassador Rafael Ramirez said the proposal- to be presented to a meeting of OPEC technical advisors on Oct. 21- would reapply the old mechanism of progressive production cuts to control prices, with a "first floor" of $70 per barrel and a later target of $100 per...

  • *OPEC secretary-general upbeat on market outlook. KUWAIT CITY, Oct 12- Kuwait said on Monday there were no calls within OPEC to change the oil group's production policy and that lower output from high-cost producers could support prices in 2016, adding to signs OPEC will keep its strategy of defending market share. While oil is hurting OPEC revenues by trading...

  • UPDATE 7-Oil slips from month highs as glut weighs Monday, 12 Oct 2015 | 10:31 AM ET

    *OPEC forecasts much more demand for its oil next year. North Sea Brent crude dropped to almost $42 a barrel in August, from a peak above $115 in June 2014, but then rallied back to an intraday high of $54.05 on Friday. "The recent rise has left room for profit-taking," said Carsten Fritsch, senior oil analyst at Germany's Commerzbank.

  • *Joins IEA in saying non- OPEC supply to fall in 2016. LONDON, Oct 12- OPEC forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits U.S. shale oil and other rival supplies, reducing a global surplus. Supply outside OPEC is expected to decline by 130,000 bpd in 2016, the report said, as...

  • KUWAIT, Oct 12- Kuwait's oil minister said on Monday there were currently no calls from within OPEC to change the oil-producing group's output policy and that a market exit by high-cost producers could help buoy oil prices in 2016.. "Today there are no ideas or demands from the member states to make any big change in OPEC's decision," Kuwait Oil Minister Ali...

  • LONDON, Oct 12- Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances. Kuwait Oil Minister Ali al-Omair told Reuters the Organization of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the...

  • LONDON, Oct 12- Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances. Kuwait Oil Minister Ali al-Omair told Reuters the Organization of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the...

  • SHANGHAI, Oct 12- Now is not the right time for the United States to raise interest rates, given the global economic situation, China's Finance Minister Lou Jiwei said in an interview published in the China Business News on Monday. Speaking on the sidelines of the annual meeting of the World Bank and International Monetary Fund in Lima, Lou said developed...

  • LIMA, Peru, Oct 11- A senior International Monetary Fund official has urged Japan to go ahead with a sales tax hike scheduled for April 2017 to maintain its long-term fiscal credibility. Mitsuhiro Furusawa, the IMF's deputy managing director, warned on Sunday that flexible fiscal policy and structural reforms must accompany ultra-loose monetary policy for...

  • FRANKFURT, Oct 11- The European Investment Bank will examine whether Volkswagen used any loans from the European Union to cheat on emissions tests for diesel vehicles and could demand money back, EIB chief Werner Hoyer told a German newspaper. Europe's largest carmaker has admitted cheating in diesel emissions tests in the United States and Germany's...

  • *Indonesia, OPEC pump 32.50 mbpd, far above 30 mbpd OPEC target. Indonesia's return to OPEC will expand the group's members to 13 and add about 900,000 bpd to OPEC output. "I would be concerned that if you change the OPEC ceiling it would open the door to the whole debate about quotas," said an OPEC watcher who declined to be identified.

  • LIMA, Oct 10- Brazilian Finance Minister Joaquim Levy told Reuters on Saturday that President Dilma Rousseff backed his policies, and he intends to stay on the job as long as needed to put the books in order and pull the economy out of its slump. "She has manifested her support with actions," Levy said on the sidelines of the International Monetary Fund annual...

  • LIMA, Oct 10- Switzerland's central bank sees a low risk of a negative price and wage spiral and is hopeful that a recent "slight" depreciation in the currency will continue,. In an interview on the sidelines of International Monetary Fund meetings in Lima, SNB Chairman Thomas Jordan repeated a pledge to keep interest rates in negative territory and intervene in...

  • LIMA, Oct 10- Bank of Canada Governor Stephen Poloz painted a reasonably cheery picture on Saturday of the Canadian and global economic outlook despite some downgraded forecasts and concerns about China. He said it was "maybe an overstatement" to characterize as gloomy the forecasts by the International Monetary Fund and the talk about them at the annual...