Russia, Belarus fail to agree 2010 oil deal-agencies

–(– 01/03/2010 – International industry news provided by Financial News USA. Russia and Belarus have failed to reach agreement on 2010 oil supplies after talks in Moscow on Thursday, Russian news agencies reported, citing an unnamed source in the Russian delegation. Interfax quoted the source as saying the Belarussian delegation had insisted that Russia supply duty-free oil not only for those volumes consumed domestically in Belarus, but for all Russian crude supplied to the country. It was not immediately clear what action Russia would take or whether supplies, including transit volumes to Europe, would be affected. [Read the full article]

Russia has no plans to cut oil supplies to Belarus after talks broke down in Moscow on Thursday and will resume price negotiations in early January, a Russian government source told Reuters. “The talks will be continued. The Russian delegation made a series of proposals which correspond to market conditions and the ball is in the Belarussian delegation’s court,” the source said, on condition of anonymity. Asked whether oil supplies to Belarus would be cut, he said: “Everything will continue as before. [Read the full article]

U.S.-listed shares of overseas companies ended 2009 sharply higher on Thursday, reflecting optimism about the global economic recovery and renewed confidence about the outlook for profits. The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR rose 0.1 percent in Thursday’s session, but for the year it shot up 33 percent, marking its biggest annual advance in six years. The annual advance compares with a gain of 24.3 percent for the U.S. benchmark S&P 500 index .SPX. Sectors that provided strength over the year included banks, technology and natural resource companies. Investors are optimistic that demand from key emerging economies China, India and Brazil will help offset sluggish recoveries in developed markets like the United States. For a factbox on major market performances, see [ID:nLDE5BT0P8] The Bank of New York Mellon index of leading Asian ADRs .BKAS gained 0.2 percent. [Read the full article]

Toronto’s main stock index ended slightly higher on Thursday as strength in financial stocks outweighed weakness in the energy and materials groups. The S&P/TSX composite index .GSPTSE unofficially ended up 4.48 points, or 0.04 percent, at 11,721.94. [Read the full article] About Financial News USA

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