CRUDE OIL

The recent spectacular drop in oil prices has taken inflation expectations down with it, along with the returns on inflation hedges including TIPS, or Treasury inflation-protected securities

Indian shares defied firm world markets to trade flat to lower on Thursday as crude oil bounced back, stoking investor fears of higher inflation.

The FTSE 100 fell on Friday, with Wall Street seen extending losses after a Philadelphia Federal Reserve survey sparked concerns over U.S. growth and corporate profitability

Shortfall in Nigeria's crude oil output is currently put at about 872,000 barrels per day, owing largely to an increase in the cycle of violence - hostage taking, arson leading to damage of oil production facilities in the Niger Delta, is expected to last for the next six months.

Factory gate inflation slowed more than expected in August and firms' raw material costs dropped at their sharpest monthly rate in 1-1/2 years, official data showed on Monday.

A new lawsuit lodged against BP claims the oil giant manipulated crude oil prices by refusing to allow traders access to U.S. storage facilities

Federal investigators are examining whether BP Plc manipulated crude oil and unleaded gasoline markets, according to a report in The Wall Street Journal on Tuesday that cited lawyers and traders close to the case.

With soaring gas prices making alternative fuels more attractive, ethanol - a grain alcohol made from a variety of crops including corn, sugarcane, barley and wheat - has become a popular alternative.

Venezuela's Energy and Oil Minister Rafael Ramirez said on Tuesday the country plans to increase oil sales to China to 200,000 barrels a day by the end of the year.

BP Plc is shutting down its giant Alaska Prudhoe Bay oil field due to a damaged pipeline and fears of wider corrosion, slashing West Coast supplies and prompting the U.S. government to consider releasing emergency stockpiles as prices jump.

An oil leak found in a shared pipeline in Nigeria has forced oil companies to shut down their daily production of 180,000 barrels of crude oil.

Financial markets stalled on Wednesday as uncertainty about when the Federal Reserve will end its monetary tightening campaign kept investors sidelined, while crude oil rose above $72 a barrel on worries about U.S. gasoline supplies.

Soyoil, traditionally one of the less-traded products on the 158-year-old Chicago Board of Trade, is scaling new heights as investors bet on green fuels amid soaring crude oil prices.

U.S. gold hit new 25-year highs on Tuesday on aggressive buying by investment funds, while oil soared as a letter from Iran's president to U.S. President George W. Bush failed to defuse tensions over Iran's nuclear program.

World sugar prices are likely to defy gravity in the next 12 months as key producing countries churn out ethanol as an alternative fuel after oil prices spiked to stratospheric highs.

Britain's leading shares were barely weaker on Monday, propped up by gains in oil companies and miners such as BG Group as prices of crude oil and some metals traded near record levels, although most heavyweight sectors such as banks and pharmaceuticals eased.

Brent crude oil jumped to a fresh record high above $74 a barrel on Thursday after a steep drop in U.S. gasoline stocks fueled fears of tight summer supplies at a time of growing anxiety over Iran's exports.

A blistering four-year rally in crude oil shows no sign yet of running out of steam and crude could top $80 a barrel this year, boosting fuel costs for consumers and businesses, analysts said on Tuesday.

Oil surged to a record high above $72 on Tuesday on concern that Iran's nuclear stand-off with the West could cut oil exports from the world's fourth-largest crude exporter.