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SINGAPORE: Brent crude held steady near $109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply. EU leaders may introduce new measures to tackle the euro zone's worsening debt crisis during Wednesday's informal meeting to seek solutions to the Greek political crisis mired in conflict over debt and austerity policies. Major powers will also meet Iran on Wednesday ...
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NEW YORK: Oil prices surged on Monday, rebounding from last week's multi-month lows on speculative buying and as concerns resurfaced over supplies from the crude-rich Middle East, particularly from Iran. The market was also supported by Group of Eight (G8) leaders voicing support for Greece to stay in the eurozone at a weekend summit in the United States. New York's main contract, West Texas Intermediate (WTI) crude for delivery in June, finished the session at $92.57 a ...
LONDON: Oil prices edged higher on Monday, climbing back towards $108 per barrel in a reaction to heavy losses last week, but worries about Greece's possible exit from the euro counterbalanced talk of the prospect of an economic stimulus in China. A summit of the G8 at the weekend failed to deliver any signal that Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors in a state ...
ADELAIDE: Chevron Corp has signed a preliminary agreement to sell Japan's Tohoku Electric one million tonnes of liquefied natural gas per year for 20 years, the US oil major said on Sunday. The gas will come from its Wheatstone plant in Australia, Roy Krzywosinski, Chevron Austalia's managing director told reporters in Adelaide, adding that with this sale more than 80 percent of the gas from the 8.9 million tonnes per year (mtpa) Wheatstone project had been ...
ADELAIDE: Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali al-Naimi said on Sunday. International Brent crude settled at $112.26 on Friday, well off a peak of over $128 in March. Brent has mostly traded above $100 since early 2011, keeping fuel costs high and threatening to damage a ...
LONDON: Copper extended gains on Monday as investors saw value in a metal that fell to four-month lows last week, even as they remained concerned about the risk of contagion if Greece defaults on its debt and leaves the euro. Leaders of G8 major industrialised nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalise a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled ...
SINGAPORE; Brent crude recovered towards $108 on Monday on hopes that China could take new steps to stimulate growth and lift fuel demand at the world's second largest oil user, although concerns about the euro zone crisis capped gains. China's premier called for additional efforts to support growth on Sunday, while Goldman Sachs said world oil demand is growing despite recent weak economic data. The comments provided a bright spark in global markets, battered in past ...

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