GLOBAL MARKETS-Shares, growth assets weighed by economy worries
TOKYO, March 6 (Reuters) - Asian shares and growth-linked currencies were under pressure on Tuesday as slowing economies in China and Europe and tension over Iran dampened sentiment, prompting investors to take profits from recent rallies that had been driven by ample liquidity.
"I'm seeing this as a significant correction after a strong rally at the beginning of the year," said Greg Gibbs, strategist at RBS in Sydney.
COMMODITIES-Metals fall, oil gains capped as China cuts growth
NEW YORK, March 5 (Reuters) - Most commodities fell on Monday, with copper and silver dropping steeply after top buyer China cut its economic growth target, a move that also limited gains for oil on possible disruptions to supplies from Iran.
"With China reducing the expected growth rate, the concern is there is the possibility of a bigger downside," said Kate Warne, investment strategist at Edward Jones in St. Louis.
Texas: Soon to be a Canadian crude export hub?
--Robert Campbell is a Reuters market analyst. The views expressed are his own--
NEW YORK, March 5 (Reuters) - Canadian crude oil will soon be reaching the U.S. Gulf Coast in large quantities, an event with significant ramifications for the oil market, not the least being the possibility of crude oil exports from Texas for the first time in decades.
Although U.S. law generally prohibits the export of domestically produced crude oil, current regulations allow the re-export of foreign crude oil provided it has not previously been mixed with U.S. crude.
Oil firms on Iran fears, growth worry curbs gains
NEW YORK, March 5 (Reuters) - Oil prices edged up on Monday in tug-of-war trading as supply risks and tensions over Iran's nuclear program provided support, but concerns about global economic growth limited gains.
"The geopolitical risk factor is putting a floor under (the price)," said Michael Hewson, senior market analyst at CMC.
Iraq oil output over 3 mln bpd; first time in decades
BAGHDAD, March 5 (Reuters) - Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, it announced on Monday, and said it will sharply increase exports with a major new floating oil terminal beginning operations in three days.
"While I am talking to you today, the Iraqi oil production has exceeded 3 million barrels per day," Deputy Prime Minister Hussein al-Shahristani told a conference in Baghdad.
US natgas futures end down 5 pct, break chart support
NEW YORK, March 5 (Reuters) - U.S. natural gas futures ended down sharply on Monday, with mild late-winter weather and record-high supplies driving the front-month contract below technical support.
"It looked like a bottom had been forming -- we've been moving sideways for weeks -- but now it looks like we're seeing a breakdown," said Richard Ross at Auerbach Grayson in New York.
Euro Coal-Apr S.African trades twice at $103.80/T
LONDON, March 5 (Reuters) - Prompt physical coal prices were steady on Monday despite a rise in oil prices.
"Short-term the potential for coal prices to recover is limited, there are high inventories everywhere," said Emmanuel Fages, Paris-based analyst with Societe Generale.
S.Korea takes 40 pct stake in UAE oilfields
SEOUL/DUBAI, March 5 (Reuters) - A Korea National Oil Corporation (KNOC)-led consortium has secured South Korea's first oil production assets in the United Arab Emirates (UAE), the Korean government said on Monday.
Korea has finalised a deal with Abu Dhabi National Oil Co. (ADNOC) to take a 40 percent stake in two onshore and one offshore oil drilling areas, as part of a wider push by oil import dependent Asian countries to secure upstream assets.
Russia refused China request for extra crude-sources
MOSCOW, March 5 (Reuters) - Russia, the world's top crude producer, rejected a Chinese request for more Siberian pipeline oil, saying the link is already pumping at full capacity and additional volumes are not available, two state energy industry sources told Reuters.
Russia started the landmark crude deliveries to China through the first stage of the East Siberia-Pacific Ocean pipeline at a pace of 300,000 barrels per year on Jan. 1 2011. Last week, Moscow and Beijing settled a dispute over transportation tariffs, which threatened the supply.
Oil creeps toward top of Asia's economic worry list
SYDNEY, March 6 (Reuters) - High oil prices are fast replacing Europe as the biggest danger to growth in Asia, threatening to smother consumer demand while taking a knife to exports and reigniting inflation.
Brent crude topping $128 a barrel is also a headache for central banks as it makes it harder to use easy monetary policy to cushion growth.
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