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Oil prices fall below $94 a barrel after weekly survey shows crude inventories edge upward

BANGKOK - The price of oil fell below $94 a barrel Thursday after a survey showed crude inventories on the increase. Benchmark oil for June delivery was down 82 cents to $93.48 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to finish at $94.30 a barrel on the Nymex on Wednesday.

Billion-year-old underground water could hold clues to early life on Earth, Mars

TORONTO - Deep underground within the Canadian Shield, scientists are probing for life — yes, life. Their laboratory is found at the bottom of mine shafts in Timmins, Ont., where pockets of water trapped inside crystalline granite rock have existed for at least a billion years, and may be as ancient as the geology itself — 2.7 billion years old.

Oil rebounds on US stockpile fall

Oil prices recovered from sharp early losses to finish higher Wednesday after US stockpiles eased from record levels. New York's main contract, West Texas Intermediate crude for June delivery, added a modest nine cents from Tuesday to finish at $94.30 a barrel. In London Brent North Sea crude for June gained $1.08 to $103.68 a barrel. WTI was down some $2 a barrel in early trade, and Brent $1.50, before the US Energy Information Administration in its weekly report on petroleum stockpiles reported a surprise fall in crude oil supplies.

Perfect colourless diamond auctioned for record $23.5mn

A new colourless, pear-shaped diamond weighing 101.73 carats raked in a record 23 million Swiss francs ($23.5 million, 18.5 million euros) at a Christie's auction in Geneva late Wednesday. The price, which does not include tax or commission, is the highest ever paid for a flawless colourless diamond, according to the auction house, which had hoped the gem would go for $30 million.

Perfect colourless diamond auctioned for record $23.5mn

A new colourless, pear-shaped diamond weighing 101.73 carats raked in a record $23.5 million at a Christie's auction in Geneva Wednesday. The price, which does not include tax or commission, is the highest ever paid for a flawless colourless diamond, according to the auction house, which had hoped the gem would go for $30 million. apo-nl/gk

Geneva auction commands $26.7M for huge flawless diamond

GENEVA - A huge diamond unearthed in Botswana commanded an unearthly price of $26.7 million from Christie's auction house Wednesday amid the spring ritual of well-heeled bidders flocking or phoning in to Geneva's luxury sales. The pear-shaped gem accounted for more than a quarter of the $102 million in sales rung up by Christie's Wednesday night, a night after Sotheby's had $78 million in sales.

Oil rebounds in Asia on bargain-hunting

Oil rebounded in Asian trade Tuesday on bargain-hunting following an overnight decline, but analysts said economic worries in energy guzzlers US and China would continue to weigh on sentiment. New York's main contract, light sweet crude for delivery in June gained 19 cents to $95.36 a barrel and Brent North Sea crude for June delivery was up one cent to $102.83 in the afternoon. "Oil has rebounded primarily because traders think it is a good buying opportunity," Victor Shum, managing director of IHS Purvin and Gertz in Singapore, told AFP.

Oil prices fall after flat OPEC demand outlook

Crude oil prices slipped Friday on renewed global demand worries after OPEC left its 2013 estimate unchanged and reported increased output in April. New York's main contract, West Texas Intermediate (WTI) for June delivery, closed at $96.04 a barrel, down 35 cents from Thursday. In London trade, Brent North Sea crude for June settled 56 cents lower at $103.91 a barrel. The WTI futures contract sank more than $3 before pulling back up in late-session trade.

Platinum output dives 13% in 2012

Platinum production sank last year by 13 percent, hitting a 12-year low due to unrest in key producer South Africa, but output is forecast to recover slightly in 2013, industrials group Johnson Matthey said on Monday. Platinum output slumped in 2012 to strike 5.64 million ounces, Johnson Matthey said in its closely-watched annual market review. That was the lowest level in 12 years and compared with 6.48 million ounces in 2011. Total platinum demand dipped 0.6 percent to 8.05 million ounces last year, while recycling of platinum stood at 2.03 million tonnes.

Oil prices fall sharply

Global oil prices recoiled on Friday on profit-taking and as the dollar surged to a four-year high point against the yen, dealers said. Markets are awaiting the US federal budget figures for April, a speech from Federal Reserve chief Ben Bernanke, and a two-day Group of Seven finance meeting in Britain. Brent North Sea crude for delivery in June sank $1.42 cents to $103.05 per barrel in London afternoon deals. New York's main contract, West Texas Intermediate (WTI) or light sweet crude for June, shed $1.55 cents to $94.84 a barrel.
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