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Oil Extends Gains as Dollar Weakens, OPEC Signals It Won't Boost Output Crude oil traded near $82 in New York after rising as the dollar fell against the euro, buoying demand for commodities as an alternative investment, and as OPEC ministers indicated they would refrain from increasing output.

Al-Naimi `Very Happy' With Oil Price, Sees No Need to Change OPEC Output Saudi Arabia, the biggest and most influential member of the Organization of Petroleum Exporting Countries, said oil prices are in the right range and there’s no need to change production policy.

Reliance Said to Be in Talks With Atlas Energy for Venture in Shale Gas Reliance Industries Ltd., the owner of the world’s largest fuel-making complex, is in talks with Atlas Energy Inc. to invest in the U.S. natural-gas producer’s shale assets, a person familiar with the negotiations said.

Shell Plans to Spend $100 Billion by 2014 to Revive Growth in Production Royal Dutch Shell Plc, reeling from seven years of falling output, will spend more than $100 billion by 2014 to revive production growth.

Eike Batista's MPX to Invest $1.9 Billion to Tap Colombian Coal Deposits MPX Energia SA, an energy company controlled by Brazilian billionaire Eike Batista, will invest $1.9 billion over a decade to tap Colombian coal deposits and meet rising electricity demand in other South American nations.

Governors Backing U.S. Wind Industry Urge Setting National Power Standard Congress must set a national renewable-power standard and revamp the electric grid to help the burgeoning U.S. wind-energy industry reach its potential and compete globally, governors from 29 states said.

Penn West Plans to Double Spending in Alberta After Province Cut Royalties Penn West Energy Trust, Canada’s largest conventional oil and natural-gas producing trust, will double spending in Alberta after the government lowered royalty rates, Chief Executive Officer Bill Andrew said.

Iraq Targets Production of 12 Million Barrels a Day, Defers OPEC Limits Iraq expects to produce 12 million barrels of oil a day within seven years and won’t even discuss OPEC quotas until 2012 as output accelerates after years of conflict, the country’s oil minister said.

India Said to Propose Fund to Buy Energy Assets, Help Compete with China India may create a sovereign fund to help state companies compete for overseas energy assets with rivals from China, a government official said.

`Historic Flooding' Possible in One-Third of U.S. This Spring, NOAA Says One-third of the U.S. faces the possibility of “historic flooding” in coming weeks, especially the upper Midwest states of North Dakota, South Dakota, Minnesota and Iowa, government forecasters said.

Global Shipping Market is in Biggest Slump Since World War II, Fisher Says The world shipping market is mired in its biggest slump since World War II, said James Fisher & Sons Plc, a U.K. hauler of oil products.

Natural Gas Falls in N.Y. as Cold Weather Eases, Leaving Ample Supplies Natural gas futures fell to their lowest price in almost four months as demand for the heating fuel eases with the end of winter weather.


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