GLOBAL MARKETS-Shares fall on European political uncertainty
TOKYO, April 24 (Reuters) - Asian shares fell on Tuesday as political uncertainty and disappointing data in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession until late in the year.
"Fragmented euro zone politics over austerity implementation is quickly becoming the disorder of the day," said Ashraf Laidi, chief global strategist at City Index.
COMMODITIES-Copper slides on Europe worries; natgas jumps
NEW YORK, April 23 (Reuters) - Copper prices fell about 2 percent o n M onday along with most commodities after dismal data on the European services sector dampened hopes of the euro zone's recovery, while forecasts of a cold snap boosted natural gas and grain markets. "Financial markets are in panic mode at the moment, and that is putting pressure on assets perceived as risky such as base metals," said Peter Fertig, consultant at Quantitative Commodity Research.
OIL- Oil dips on euro zone worry, N. Sea supports
NEW YORK, April 23 (Reuters) - Oil edged lower on Monday on pressure from revived concerns about a euro zone economic slump and political uncertainty, while a North Sea production problem and worries about Iran and potential supply disruptions limited losses.
"The North Sea Buzzard news helped pull Brent off its lows and probably kept it from dropping as much as U.S. crude," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
India says importing 14 mln tonnes of oil from Iran
WASHINGTON, April 23 (Reuters) - India, the second-largest consumer of Iranian oil after China, said it was now importing 14 million tonnes of crude from Iran and has "substantially" reduced its imports from the country as the deadline to comply with Western sanctions against Tehran looms.
Iran's trading partners, such as India, China and South Korea, are trying to stop relying on Iranian crude by the end of June when U.S. sanctions on Iranian oil transactions go into effect.
Oil traders could face new rules on purchases
GENEVA, April 23 (Reuters) - Oil traders buying from national oil firms could face new disclosure rules within a year if measures designed to crack down on the traditionally opaque realm being discussed by the Extractive Industries Transparency Initiative (EITI) come into force.
Norwegian non-governmental organisation (NGO) EITI, said it had already implemented these rules in Iraq and Norway although this will be its first attempt to bring such transparency measures to oil-rich regions like Africa.
China cuts Iran oil imports in March most this year
BEIJING/SEOUL, April 23 (Reuters) - China halved its Iranian crude imports in March compared with a year earlier due to disputes over contract terms, its deepest cut so far this year as Western sanctions complicate Tehran's oil exports.
South Korea cut its imports by 40 percent in March from a year earlier, official data showed, as it sought to secure an exemption from U.S. sanctions. Japan, which has secured a waiver, made steep cuts in April imports.
US natgas ends up 4 pct, bounces off 10-yr low
NEW YORK, April 23 (Reuters) - U.S. natural gas futures rose 4 percent on Monday, climbing for a second straight trading day, after mild spring weather and persistent concerns over record-high supplies pushed prices to their lowest in more than 10 years last week.
"After being sold relentlessly over the past several months, breaking the psychological $2.00 per mmBtu level last week, natural gas prices reversed course on short covering and profit taking," said Caprock Risk Management's president, Chris Jarvis.
Euro Coal-July DES trades at API2 -$3.10
LONDON, April 23 (Reuters) - European prompt physical coal prices were little changed on Monday but two Q3 DES ARA trades took place at over $3.00 a tonne below the API2 index, a level which some players took as a bearish signal.
"This doesn't bode well for Q3 prices if anybody's willing to sell at that kind of a discount now," one trader said.
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