CRUDE OIL

State-run upstream firms are expected to give a total discount of 51.98 billion rupees ($1.14 billion) to retailers on fuel sales in the Oct-Dec 2010 quarter, up from a year ago, an industry source said on Tuesday

Mauritius is in talks with India's Mangalore Refinery and Petrochemicals Limited about a $2 billion oil refinery on the Indian Ocean island that could be operational by 2015, a minister said on Monday.

Fitch Ratings said, in a just published report, that the outlook for India's oil and gas industry is stable for 2011. This is based on the agency's expectation that ties between the government and its majority-owned oil companies will not weaken

Seoul shares are likely to open cautiously on Monday after the latest move by China to tighten monetary policy, while crude refiners and airlines may be tracked on crude oil prices' continued gains.

Crude oil prices have broken out of their trading range and is headed towards $114, the next resistant point, said Richard Perry, chief market strategist at Central Markets.

Bullion rebounded on Friday as the euro lost strength despite better-than-forecast debt auctions by Spain and Italy, while purchases from jewellers and investors, which sent premiums for gold bars to two-year highs, offered additional support.

U.S. stock index futures pointed to a lower open on Friday after weak retail sales and a mixed reaction to JPMorgan Chase & Co's quarterly earnings.

The Euro extended its rally on the currency markets, spiking to a 4-week high vs. the Dollar of $1.3450 before easing back. Thus, Gold priced in Euros dropped almost 5% from Monday's near-record high.

US futures are set to open lower on Friday after a disappointing jobless claims data, which could weigh on sentiment.

2011 is shaping up as a race to the bottom for currency values, writes Harvard professor Kenneth Rogoff in today's Financial Times. No wonder gold has been so attractive.

Summary of Fed Beige Book, January 12, 2011

Ghana's inflation slowed to a new 18-year low of 8.58 percent in December, feeding expectations the West African economic heavyweight will keep its policy interest rate on hold in the short term.

Ghana, the latest entrant to the club of African oil producers, has sold its first crude oil exports to Exxon Mobil Corp., oil trading sources said on Wednesday.

The S&P 500 Index gained 3.69 points, or 0.29 percent, to trade at 1,278.17 at 9.30 a.m. EDT. The Dow Jones Industrial Average rose 32.93 points, or 0.28 percent, to trade at 11,704.81. The Nasdaq Composite Index advanced 11.50 points, or 0.42 percent, to 2,728.49.

China, one of the largest buyers of energy, and Russia, a leading exporter of it, are quickly cemeting their natural friendship.

Kuwait Oil Council on Monday predicted that oil barrel price to reach $110 in the next few weeks as the global economy recovers fast.

US stocks advanced in early trade on Tuesday as Alcoa kicked off the earnings season by beating forecasts, while Japan’s pledge to buy eurozone bonds eased concerns about eurozones debt.

India is considering using gold to temporarily settle oil trades with Iran. If India were to settle crude oil trade in gold (even temporarily), it may set a precedence that will further erode the international status of the U.S. dollar and bolster the reputation of gold.

BP Plc, which is tormented by the Gulf of Mexico oil spill, has witnessed a positive development last week when Presidential Commission did not find BP solely responsible for the oil spill.

Futures on major U.S. stock indices point to lower opening on Monday with futures on the S&P 500 down 0.58 percent, futures on the Dow Jones Industrial Average down 0.42 percent and Nasdaq100 futures down 0.40 percent.

The Gold Price in Dollars slid to a near 6-week low in early London trading on Friday, dropping below $1360 an ounce, but then bounced back to $1369 as New York trading began and Non-Farm Payrolls showed a rise of 103,000 - below analyst forecasts - and the labor-force participation rate slipped further below two-in-three.