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Europe is looking for an alternative to Russian gas, and puts on a shale extraction

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European experts say the presence of a broad base of alternative energy sources, which opens the possibility to maintain a relatively cheap gas prices. In particular, this they said in Moscow during the international round table on “Current Problems of European power.”

In their opinion, one of the most topical issues regarding the development of energy supply in Europe is shale gas production. Now the market is optimistic about this technology in connection with the successful prices on shale gas in North America.

Brazil companies Petrobras and Vale post record profits

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Brazil's two biggest companies have posted record profits for 2010, in the latest sign of the South American nation's growing economic might.

The oil giant Petrobras - which is partly state-owned - made $20bn (?12.4bn).

Oil Climbs on Libya, Oman Tensions; Gulf Stocks Drop, U.S. Futures Retreat

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Oil rose for a sixth day in London on concern turmoil in Libya and the spread of protests to Oman will disrupt output. Persian Gulf shares dropped to a six-month low, while stocks fluctuated and U.S. index futures fell.

Brent crude oil advanced 1.1 percent to $113.35 a barrel at 10:05 a.m. in London. The Bloomberg GCC 200 Index lost 1.2 percent as Oman shares sank the most in 25 months and Dubai’s benchmark index tumbled to the lowest level since 2004. The Stoxx Europe 600 Index slid 0.1 percent, while Standard & Poor’s 500 Index futures slipped 0.2 percent. The yield on the five- year Treasury note declined two basis points to 2.14 percent, while the euro strengthened 0.5 percent to $1.3828.

'Lethal brew' stirring in Asian economic story?

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Hong Kong, China () - The Mideast turmoil has oil prices hovering near $100 a barrel again. For Asian economies, an extended period of high oil prices could have a number of knock-on effects, including hurting oil-dependent industries like autos and construction, and depressing exports to the U.S. and Europe.

General Motors: First profit since 2004

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NEW YORK () -- General Motors on Thursday reported its first annual profit since 2004, capping an impressive turnaround by the once-troubled automaker.

The profit stemmed from a rebound in U.S. sales, strong growth in China -- now GM's largest market -- and a much lower cost structure after a 2009 trip through bankruptcy.

Oil surges towards $120 as Libya unrest cuts supply

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Oil surged more than 7.5 percent to its highest since August 2008 on Thursday on concern unrest in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia.

Brent crude futures for April spiked up $8.54 per barrel to a peak of $119.79 before easing back to around $114.00 by 5.35 a.m. EST.

US Stocks Sink As North Africa Tensions Send Oil Prices Higher

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U.S. stocks sank Tuesday as escalating tensions in the Middle East and North Africa sent oil prices soaring and as retailers posted mixed earnings reports.

The Dow Jones Industrial Average sank 162 points, or 1.3%, to 12230. Wal-Mart Stores weighed on the Dow, sliding 3.9% after the retailer's fiscal fourth-quarter profit rose 27%, capitalizing on strength in its international business, but its U.S. operations continued to struggle. Wal-Mart posted its seventh consecutive quarter of lower U.S. same-store sales, and fourth-quarter revenue fell short of analysts' expectations.

Oil-Price Swings Double as Unrest Spreads Before Saudi Talks

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Oil-price swings have doubled this year as unrest spreads through the Middle East, source of one- third of global crude supply, hampering producer and consumer efforts to stabilize the world’s biggest commodity market.

As officials from more than 90 nations including Saudi Arabian Oil Minister Ali al-Naimi and U.S. Deputy Energy Secretary Daniel Poneman gather in Riyadh tomorrow to seek ways of curbing fluctuations, oil’s 20-day historical volatility has risen to 29.4, according to data compiled by Bloomberg. It was at 12.6, an all-time low, at the end of December. U.S. futures for April jumped as much as 4.5 percent today as violence spread in Libya, holder of Africa’s biggest crude reserves.

Silver Rises to 30-Year High, Gold Gains on Middle East Unrest

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Silver extended a rally to a 30-year high, and gold climbed to a one-month peak as mounting unrest in the Middle East spurred demand for precious metals as a haven. Palladium jumped to the highest in almost 10 years.

Egypt approved a request from Iran to send two naval ships through the Suez Canal on their way to Syria, while Israel called the passage a “provocation.” Bahrain’s security forces attacked protesters for a second day. Gunfire broke out in Yemen’s capital, Sanaa, as pro-democracy demonstrations spread to Libya and Iran.

PetroChina buys stake in Encana shale gas projec

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PetroChina, the Chinese state-controlled energy firm, is to pay 5.4bn Canadian dollars ($5.4bn; ?3.37bn) for a 50% stake in a shale gas project run by Canadian firm Encana.

The Cutbank Ridge deal marks a further step in a developing energy relationship between China and Canada.

European Airlines Drop After Air France Cuts Outlook

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Air France-KLM Group, Deutsche Lufthansa AG and International Consolidated Airlines Group SA, Europe’s three biggest carriers, all dropped after Air France reported an unexpected quarterly loss and cut its forecast.

The fiscal third-quarter net loss was 46 million euros ($63 million), missing a forecast for 60 million euros in profit, based on the average of seven analyst estimates. Air France now targets a “positive operating result” for the fiscal year, after earlier predicting profit of more than 300 million euros.

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