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Brent rebounds above US$107 Posted: 06 Jan 2014 07:23 PM PST SINGAPORE: Brent oil futures climbed above US$107 a barrel on Tuesday after five consecutive sessions of losses, as investors weighed mixed signals from Libya and cold weather across the central United States threatened production. In an escalation of the conflict in Libya, the navy opened fire on Monday after an oil tanker approached to illegally load crude at a port controlled by rebels. The episode came after the country over the weekend restarted production at a major oil field. Brent crude for February delivery rose 48 cents to US$107.21 at 0259 GMT, after having settled lower in the previous five sessions, partly on expectations of rising Libyan exports. US crude was 25 cents higher at US$93.68 a barrel. The contract has also fallen in the past five sessions and settled 53 cents lower on Monday. "I think the restart of production (at El Sharara) is priced in by now. Maybe it's even overshot to the downside," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. The restart of the 340,000-barrel-per-day (bpd) El Sharara field will more than double Libyan crude production, which had fallen to 250,000 bpd from 1.4 million bpd in July. While expectations of more Libyan supply have helped push prices lower, an escalation of months-long civil unrest in the African country could provide a floor under the market. "This just shows that the trouble in the Middle East and North Africa is a chronic problem that's going to take years to solve," said Nunan. "I think Brent will stay in triple digits as long as we have this instability in the region." Oil prices were also supported by severe cold weather sweeping across the central United States that threatens to curtail some oil production as wells were stranded and drilling and fracking operations were interrupted. Still, as of late Monday, major US oil producers had only reported minor effects on their operations. Temperatures were forecast to swing back to normal levels in Texas and North Dakota by Wednesday. Next week, trading will begin for crude oil loading in March, when a drop in demand can be expected as refiners in the United States and elsewhere enter spring maintenance. "We have probably already passed the peak in winter crude purchases. I think the situation in Libya, Fed tapering and a stronger dollar doesn't bode well for crude prices," said Nunan. US commercial crude oil inventories likely rose 2.2 million barrels in the week ended January 3 after near-record five-week declines, a preliminary Reuters poll of analysts showed on Monday. In the previous five weeks, US crude stocks fell by more than 30 million barrels - the biggest such decline since 1990 - as Gulf Coast refiners drew down stocks to minimize year-end taxes. Distillate stocks rose sharply last week. OPEC's oil output averaged 29.53 million barrels per day in December, falling to the lowest since May 2011, a Reuters survey found, due to strikes and protests in Libya, stagnation in Iraqi exports and a further reduction in Saudi Arabian supply.-- Reuters

FTSE Bursa Malaysia update: 11.30am Posted: 06 Jan 2014 06:37 PM PST At 11.30am today, there were 324 gainers, 300 losers and 276 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,829.92 up 0.74 of a point, the FBMACE was at 5,811.19 up 25.99 points, and the FBMEmas was at 12,671.78 up 3.82 points. Turnover was at 750.499 million shares valued at RM550.925 million.-- Bernama

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Supreme Court puts gay marriages in Utah on hold - Los Angeles Times Posted: 06 Jan 2014 09:22 AM PST WASHINGTON -- The Supreme Court on Monday put same-sex marriages on hold in Utah until a federal appeals court can rule on whether the state law banning the practice violates the Constitution. The unsigned, one-paragraph order did not spell out the court's reasoning in the case -- orders that put lower-court decisions on hold frequently do not do so. The order did not indicate any dissents. The decision will block further same-sex marriages in Utah for at least several weeks. The 10th Circuit Court of Appeals, based in Denver, has told both sides in the dispute to submit legal arguments by the end of this month. The appeals court is expected to hold an argument quickly after the briefs are submitted. [Updated, 8:21 a.m. PST Jan. 6:  In late December, a U.S. District Court judge in Utah ruled that that state's ban on gay marriage violated the Constitution, a major expansion of gay rights beyond what the Supreme Court had ruled in two landmark cases in June. The judge surprised legal experts by putting his ruling into effect immediately, allowing hundreds of gay couples to marry. The high court's decision suggests that the justices were not prepared to allow a single district judge to decide that the Constitution gives gays and lesbians a right to marry, regardless of state laws. Last year, the Supreme Court struck down a federal law that denied benefits to legally married same-sex couples, but it stopped short of ruling that these couples have a right to marry.] ALSO: One pilot killed, 2 hurt in Aspen plane crash Arizona homeowners allege negligence in fighting Yarnell Hill fire Denver issues 10 finalized licenses to recreational marijuana stores Follow L.A. Times National on Twitter david.lauter@latimes.com Twitter: @davidlauter tim.phelps@latimes.com

'Polar vortex' descends into US, bringing sub-zero temperatures - Fox News Posted: 06 Jan 2014 07:29 AM PST A so-called "polar vortex" of dense, frigid air descended upon much of the U.S. Monday, dropping temperatures in some parts of the country to near-record lows and prompting wind chill warnings from Montana to Alabama. The Midwest is being hit with the brunt of the cold, with temperatures plunging to 36 below zero -- the coldest in the nation -- in Crane Lake, Minn. Alternatively, the warmest weather Monday morning is in the Southern Florida cities of Hollywood and Punta Gorda, with temperatures there at 84 degrees. Back in the Midwest, forecasts called for temperatures to drop to 32 below zero in Fargo, N.D.; minus 21 in Madison, Wis.; and 15 below zero in Minneapolis, Indianapolis and Chicago. Wind chills -- what it feels like outside when high winds are factored into the temperature -- could drop into the minus 50s and 60s. "It's just a dangerous cold," National Weather Service meteorologist Butch Dye, based in Missouri, told the Associated Press. The Northeast will be hit with cold on Tuesday, according to The Weather Channel, with single-digit highs expected in most parts of the region while temperatures will be in the teens in Boston, New York City and Philadelphia. Tuesday's high of 14 degrees in New York City will be more than 40 degrees less than Monday' high of 55 degrees. For most of the Midwest, the cold weather followed close behind a system that had brought a foot of snow and high winds that made traveling risky. Roads were treacherous across the region. Indianapolis Mayor Greg Ballard upgraded the city's travel emergency level to "red," making it illegal for anyone to drive except for emergencies or seeking shelter. The last time the city issued such a travel warning was during a blizzard in 1978. National Weather Service meteorologist Philip Schumacher urged motorists in the Dakotas -- where wind chills were as low as the minus 50s -- to carry winter survival kits and a charged cellphone in case they become stranded. It hasn't been this cold for almost two decades in many parts of the country. Frostbite and hypothermia can set in quickly at 15 to 30 below zero. The National Weather Service said the snowfall at Chicago's O'Hare International Airport totaled more than 11 inches -- the most since the Feb. 2, 2011, storm that shut down the city's famed Lake Shore Drive. Elnur Toktombetov, a Chicago taxi driver, woke up at 2:30 a.m. Monday anticipating a busy day. By 3:25 a.m. he was on the road, armed with hot tea and doughnuts. An hour into his shift, his Toyota's windows were still coated with ice on the inside. "People are really not comfortable with this weather," Toktombetov said. "They're really happy to catch the cab. And I notice they really tip well." Police in suburban Detroit said heavy snow was believed to have caused a roof to collapse at an empty building in Lake Orion on Sunday evening. No one was hurt. More than 16 inches of snow fell on nearby Flint, Mich. Missouri transportation officials said it was too cold for rock salt to be effective, and several Illinois roadways were closed because of drifting snow. Late Sunday night, a bus carrying Southern Illinois University's men's basketball team back from a game against Illinois State got stuck in the snow at the side of Interstate 57. Assistant coach Anthony Beane Sr. told The Southern Illinoisan no one was injured and the plan was for the team to spend the night at a hotel in nearby Tuscola. Beane and the players had to wait for a tow truck to get the bus out of the snow. Beane told the newspaper that if a truck was unable to reach the bus, the Illinois State Police had agreed to help the team get to its hotel. More than 1,000 flights were canceled Sunday at airports throughout the Midwest including Chicago, Indianapolis and St. Louis. Many cities came to a virtual standstill. In St. Louis, where more than 10 inches of snow fell, the Gateway Arch, St. Louis Art Museum and St. Louis Zoo were part of the seemingly endless list of things closed. Shopping malls and movie theaters closed, too. Even Hidden Valley Ski Resort, the region's only ski area, shut down. Ray Radlich was among the volunteers at New Life Evangelistic Center, a St. Louis homeless shelter, who was braving the cold as part of search teams that seek out the homeless and get them to shelters. Among those Radlich and his team brought in Sunday was 55-year-old Garcia Salvaje, who has been without a home since his apartment burned last week. Salvaje, a veteran, had surgery three months ago for a spinal problem. The cold makes the pain from his still-healing back intense. "I get all achy and pained all the way up my feet, to my legs, up my spine," Salvaje said. School was called off Monday for the entire state of Minnesota, as well as cities and districts in Wisconsin, Illinois, Indiana, Ohio and Iowa, among others. Chicago Public School officials reversed an earlier decision to keep schools open, announcing late in the day Sunday that classes would be canceled Monday. Government offices and courts in several states closed Monday. In Indiana, the General Assembly postponed the opening day of its 2014 session, and the state appellate courts, including the Indiana Supreme Court, said they would be closed. More than 40,000 homes and businesses in Indiana, 16,000 in Illinois and 2,000 in Missouri were without power early Monday. Southern states were bracing for possible record temperatures, too, with single-digit highs expected Tuesday in Georgia and Alabama. Temperatures plunged into the 20s early Monday in north Georgia, the frigid start of dangerously cold temperatures for the first part of the week. The Georgia Department of Transportation said its crews were prepared to respond to reports of black ice in north Georgia. Temperatures were also expected to dip into the 30s in parts of Florida on Tuesday. Though Florida Citrus Mutual spokesman Andrew Meadows said it must be at 28 degrees or lower four hours straight for fruit to freeze badly, fruits and vegetables were a concern in other parts of the South. In western Kentucky, Smithland farmer David Nickell moved extra hay to the field and his animals out of the wind. He'd also stocked up on batteries and gas and loaded up the pantry and freezer. The 2009 ice storm that paralyzed the state and knocked out power to hundreds of thousands of people is fresh in his mind. "We are hoping this isn't going to be more than a few days of cold weather, but we did learn with the ice storm that you can wake up in the 19th century and you need to be able to not only survive, but be comfortable and continue with your basic day-to-day functions," Nickell said. The Associated Press contributed to this report.

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