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Oil price lower on Iran comments despite Libya, OPEC supply cuts

NEW YORK: Oil price ended lower on Wednesday after reports that Iran's oil minister said divisions exist within the Organization of the Petroleum Exporting Countries, leading futures to give up earlier gains on OPEC-led production curbs and export cuts from Libya.

Brent crude futures settled at $60.15 a barrel, down 5 cents on the day, while U.S. crude was down 50 cents at $51.15 a barrel.  Oil prices have fallen by a third since the start of October, when it hit a four-year high above $87. It is set for its biggest quarterly slide since the fourth quarter of 2014.

Malaysian palm oil price higher tracking gains in soyoil

KUALA LUMPUR: Malaysian palm oil futures ended higher on Wednesday, buoyed by gains in soyoil on the U.S. Chicago Board of Trade after President Donald Trump said China was back in the market buying U.S. beans.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 0.9 percent at 2,033 ringgit ($486.01) a tonne at the end of the trading session.  Trading volumes stood at 31,625 lots of 25 tonnes each at the close of trade.

Wall Street closes up, investors optimistic on China trade

NEW YORK: U.S. stocks closed up on Wednesday afternoon, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about U.S.-China trade relations and some reassuring signs in British politics.

The Dow Jones Industrial Average rose 157.03 points, or 0.64 percent, to 24,527.27, the S&P 500 gained 14.29 points, or 0.54 percent, to 2,651.07 and the Nasdaq Composite added 66.48 points, or 0.95 percent, to 7,098.31.

British PM May survives party confidence vote, but Brexit in crisis

LONDON: Britain's March 29 exit has been plunged into crisis by parliamentary opposition to the divorce deal she struck with the EU last month, which has opened up possibilities including a delay to Brexit or even another referendum on membership

Britain's Prime Minister Theresa May speaks outside 10 Downing Street after a confidence vote by Conservative Party Members of Parliament (MPs), in London, Britain December 12, 2018. REUTERS/

MY EG falls in heavy trade

KUALA LUMPUR: My E.G Services Bhd told the stock exchange it was unaware of any reason behind the steep decline in its share price on Wednesday.