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Feb 13 2012 12:15
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Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Singapore - Oil prices rose slightly to above $72 a barrel on Wednesday in Asia after a steep drop the previous day amid evidence that US crude supplies remain high and demand weak.
Benchmark crude for October delivery was up 34c to $72.26 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $2.78 to settle at $71.92 on Tuesday.
Crude inventories jumped 4.7 million barrels last week, the American Petroleum Institute said late on Tuesday. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos, had forecast an increase of 1.9 million barrels. Inventories of gasoline and distillates fell, the API said.
The Energy Department's Energy Information Administration reports its weekly supply data later on Wednesday.
Oil has traded mostly in the $70s for the past year amid investor concerns the economic recovery from last year's recession in developed countries may peter out once massive stimulus spending fades.
High crude inventories in the US suggest consumer demand remains sluggish.
"The fundamentals are dreadful to the point of being historically among the worst supply and demand factors ever seen," Cameron Hanover said in a report.
In other Nymex trading in September contracts, heating oil rose 1.33c to $2.005 a gallon and gasoline gained 0.96c to $1.867 a gallon. Natural gas for October delivery fell 3.3c to $3.783 per 1 000 cubic feet.
Brent crude was up 46c at $75.10 a barrel on the ICE futures exchange.