LONDON (March 11, 2010): Oil prices jumped over $1 towards $83 per barrel and gasoline shot above $2.30 a gallon for the first time in 17 months on Wednesday as stocks of the motor fuel in the United States dropped unexpectedly. Gasoline stocks in the world's largest energy market showed a surprise drop of 2.9 million barrels to 229 million barrels last week, the US Energy Information Administration (EIA) reported on Wednesday.

SINGAPORE (March 11, 2010): Oil fell towards $81 a barrel on Wednesday in volatile trade as expectations for a gain in US crude stockpiles offset surging Chinese imports. US crude for April delivery fell 24 cents to $81.25 by 0752 GMT. It had earlier risen to within $1 of Monday's peak of $82.41, the highest level since prices jumped to a 15-month high of $83.95 on January 11.

VIENNA (March 11, 2010): The Opec oil producers' cartel upgraded slightly on Wednesday its forecast for modest growth in world oil demand this year, but warned the slow pace of economic recovery was clouding the outlook. "World oil demand has been highly dependent upon the world economy, supported by government-led stimulus plans," the Organisation of Petroleum Exporting Countries said in its March report.

LONDON (March 11, 2010): British oil giant Shell said Wednesday it had stopped selling petrol to Iran, becoming the latest major oil company to stop trading with the Islamic Republic. "Shell is not currently selling gasoline to Iran," a Shell spokesman said, quoted by Dow Jones Newswires.

TOKYO (March 11, 2010): Saudi Arabia will reduce crude supply in April to a major Asian buyer ahead of Opec's meeting next week, the first cut to a big lifter since late last year, but will keep full contracted volumes to others. The top oil exporter will supply crude at 10 percent below nominated volumes next month to a big refiner in north-east Asia, versus full nominated levels in March, industry sources said on Wednesday.

BHUBANESWAR (March 11, 2010): A severe power shortage has forced India's largest iron-ore producing region to cut supply to industries once a week, which will cut output and affect cargo loading at Paradip, a key port for oil imports. Officials said they feared the power cuts could last through June in the eastern state of Orissa, which is home to India's largest iron ore reserves, as well as major steelworks and the Paradip port.

BANDAR SERI BEGA-WAN (March 11, 2010): Brunei's Office of the Prime Minister owes a whopping 235.9 million US dollars in unpaid electricity bills, media reports said Wednesday. The unpaid bills account for about 72.2 per cent of the 327.7 million dollars in uncollected revenues in the oil-rich country, the Brunei Times reported.

NEW YORK (March 10, 2010): Oil prices fell from eight-week highs on Tuesday, pressured by a stronger dollar and uncertainty about an economic recovery. US crude futures for April fell 38 cents to settle at $81.49 a barrel, after reaching a low of $80.16 a barrel earlier. In London, North Sea Brent crude oil futures slipped 56 cents to settle at $79.91 a barrel.

SINGAPORE (March 10, 2010): Oil slid on Tuesday as forecasts for growing US crude inventories tempered bullish sentiment about the global economic recovery, which had driven prices to an eight-week high above $82 a day earlier. US crude for April fell 29 cents to $81.58 a barrel by 0722 GMT, after touching $82.41 on Monday. The highest level since prices jumped to a 15-month high of $83.95 on January 11.

MOSCOW (March 10, 2010): Russian oil pipeline monopoly Transneft will start construction on Thursday of a $1.34 billion pipeline link to help secure crude supplies to a major route feeding energy-hungry China. The 430-km (270-mile) Purpe-Samotlor pipeline is scheduled to be commissioned in 2012 and will speed up oil deliveries to China from the huge Vankor oilfield in the Arctic, which belongs to state-run Russian oil industry leader Rosneft.