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Oil Higher On Supply Cuts As Gasoline Demand Rises

Brent oil settled at a near a one-month high on Tuesday in thin pre-holiday trade as traders covered short positions amid civil unrest in Africa that curbed global supply while demand for gasoline rose. Conflict in South Sudan threatened the country’s oil output, adding to supply concerns as Libya’s production is off by more than 1 million barrels per day (bpd). U.S. gasoline futures drove the oil complex higher, trading up 1.2 percent, after reaching a 15-week high in the previous session. Refinery snags in the United States and striking refinery workers in France thinned supply while demand remains robust. "You are running refinery operations at pretty high levels for this time of year," said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. "This shows how increasingly sensitive the market has become to anything less than optimal." […]

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Natural Gas Futures Fall on Fears of Weaker Demand

Natural gas futures fell Tuesday, erasing Monday’s gains, after long-term weather forecasts showed less intense cold temperatures in the first week of January, potentially reducing demand for the heating fuel. Natural gas for January delivery declined 4.7 cents, or 1.1%, to $4.416 a million British thermal units on the New York Mercantile Exchange. The losses follow a gain of 4.5 cents, or 1%, in the prior session, when prices settled at their highest level since July 20, 2011. In a research note, MDA Weather Services, a Gaithersburg, Md., weather forecaster, said that although the latter portion of its 11-to-15-day forecast still calls […]

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Bomb attacks on Christians in Baghdad kill 22

Militants in Iraq targeted Christians in two separate bomb attacks in Baghdad on Wednesday, killing at least 22 people, officials said. In one attack, a car bomb went off near a church during Christmas Mass in the capital’s southern Dora neighborhood, killing at least 15 people and wounding more than 30, a police officer said. A little bit earlier, a bomb ripped through an outdoor market in the nearby Christian section of Athorien, killing seven people and wounding 16, the officer added. There was no immediate claim of responsibility for the attacks, but Iraq’s dwindling Christian community, which is estimated to number about 400,000 to 600,000 people, has often been targeted by al-Qaida and other insurgents who see the Christians as unbelievers. Along with Christians, other targets include civilians in restaurants, cafes or crowded public areas, as well as Shiites and also members of […]

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Egypt official: Suicide bomber behind deadly blast

An Egyptian security official says a suicide car bomber is suspected to have been behind the deadly explosion that targeted the police headquarters in a Nile Delta city the day before. The attack killed 15 people, mostly police officers, and wounded over 100. It was the deadliest bombing yet in a months-long wave of violence blamed on Islamic militants. The official said Wednesday the investigation has shown that a bomber drove a pickup truck laden with explosives close to the police headquarters in the northern city of Mansoura, then detonated it. The official spoke on condition of anonymity because he was not authorized to speak to the media. Tuesday’s bombing brought down an entire section of the police headquarters, incinerated dozens of cars and police vehicles and damaged several buildings. © 2013 The Associated Press . All rights reserved. This material may not be […]

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U.N. Sends Another 5,500 Peacekeepers to South Sudan

The United Nations voted Tuesday to send thousands more peacekeepers to South Sudan as the organization said it had found evidence of mass killings along ethnic lines in the country. The U.N. Security Council voted to nearly double its international troops in the country to about 13,800, including 12,500 military and 1,323 international police. Before the council voted, Navi Pillay, the U.N. High Commissioner for Human Rights, said the organization had found at least one mass grave in South Sudan as well as evidence of ethnically targeted killings and arbitrary detentions. On Tuesday, the U.S. military’s Africa Command moved a KC-130 transport plane and around 50 troops from Camp Lemonnier, Djibouti, to Entebbe, Uganda, the Pentagon said. The move will allow the Pentagon to send more military personnel to South Sudan more quickly if they are needed to help protect U.S. personnel and facilities in the country, defense officials […]

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South Sudan retakes rebel-held city

South Sudan’s embattled government claimed a victory on Tuesday when President Salva Kiir said his splintered army had retaken a state capital that last week fell to rebels, in fighting that injured two UN peacekeepers and reportedly drew Ugandan air support. In a sign that the conflict in the world’s newest country was escalating, the UN Security Council voted unanimously to authorise some 6,000 additional peacekeepers and police officers to reinforce its presence and protect UN compounds. The move will almost double the existing UN force on the ground. Humanitarians have reported mass graves, ethnic killings and war crimes since Mr Kiir, a member of the Dinka ethnic group, accused his sacked vice-president and long-time adversary Riek Machar, a Nuer, of plotting a coup against him. While Mr Machar denies attempting a coup he has since become the de facto head of a loose and fractured rebellion that has […]

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Political Fight in South Sudan Targets Civilians

The security forces went house to house, rounding up civilians by the dozens and binding the wrists of some with wire, survivors said. Some were summarily shot in the street, they said, while others were hauled off to crowded cells. Bodies of the executed were tossed into shallow graves, one recalled. Another jail where civilians had been taken reeked of death, a witness said. “We thought that the war was fought between the soldiers,” said Peter Nhial, 30, one of many in a crowd of desperate people to describe attacks on civilians. Little more than a week after political tensions between South Sudan’s leaders erupted into clashes in the streets of the capital, the crisis has broadened into a societal conflict in which longstanding ethnic divisions are fueling the violence and civilians are often the targets, not accidental victims, of the fighting. On Tuesday, the […]

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In South Sudan, ethnic attacks spark fears of civil war

There appeared to be no sign of a rapprochement between the central players in the crisis : President Salva Kiir, an ethnic Dinka, and former vice president Riek Machar, who is a Nuer, as the ethnic killings threaten to overwhelm U.N., U.S. and African efforts to end the violence. In telephone calls Tuesday to Kiir and Machar, Secretary of State John F. Kerry urged them “to accept a cessation of hostilities and begin mediated talks,” State Department spokeswoman Jen Psaki said. The United States has been the primary international backer of South Sudan since its 2011 independence from Sudan. The U.S. Africa Command moved about 50 Marines to neighboring Uganda, better positioning them to take action to protect U.S. facilities and personnel, if needed. The Marines were part of a 150-strong contingent deployed Monday from their base in Spain, along with transport and refueling aircraft, to Djibouti, on the […]

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Iran Sanctions Bill Big Test of Israel Lobby Power

This week’s introduction by a bipartisan group of 26 senators of a new sanctions bill against Iran could result in the biggest test of the political clout of the Israel lobby here in decades. The government of President Hassan Rouhani has warned repeatedly that the demand that Iran dismantle its nuclear programme entirely is a deal-breaker. Credit: Mojtaba Salimi/cc by 2.0. The White House, which says the bill could well derail ongoing negotiations between Iran and the U.S. and five other powers over Tehran’s nuclear programme and destroy the international coalition behind the existing sanctions regime, has already warned that it will veto the bill if it passes Congress in its present form. The new bill, co-sponsored by […]

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Shale Bubble

Shale Bubble Page added on December 23, 2013 We’re being told that – thanks to technological advances like hydraulic fracturing and horizontal drilling – the US is undergoing an energy revolution, leading us in a few short years to become once again the world’s biggest oil producer and an exporter of natural gas. According to the Oil & Gas Industry and their proponents, “fracking” will provide the US with energy security, low energy prices for the foreseeable future, more than a million jobs, and economic growth. “There’s no doubt that we’re seeing an industrial revolution… taking place because of the shale revolution.” –Ed Morse, Global Head of Commodities Research at Citigroup “We have a supply of natural gas that can last America nearly 100 years, and my administration will take every possible action to safely develop this energy.” –President Barack Obama “[The Utica Shale is] the biggest thing economically […]

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