Oil ticks up on supply cuts, but rising US output caps gains
SINGAPORE Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains.
Reuters Market Eye - Shares in Videocon Industries gain 8.6 percent after the consumer electronics and oil company says it is in talks to sell its 10 percent stake in an oil and gas block off the coast of Mozambique and Tanzania.
Videocon Chairman Venugopal Dhoot tells TV channel ET NOW the company was in talks with multiple potential buyers, including Oil and Natural Gas Corp Ltd, for its Rovuma gas field, confirming earlier media reports.
Dhoot says Videocon has appointed Standard Chartered Plc as an adviser for the sale.
Videocon's board had approved splitting and selling its oil and gas assets in August 2012.
(Reporting by Abhishek Vishnoi)
London Stock Exchange said its proposed merger with Deutsche Boerse AG was unlikely to be approved by the European Commission, leaving the stock market operators' third attempt at combining on the brink of failure.
NEW YORK Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as a historic OPEC output cut slashes supply.