Brent crude oil fell below $60 a barrel on Friday as oversupply, supported by record-high U.S. crude stocks, weighed on the market.
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Greece, euro zone agree four-month loan extension, avert crunch
Euro zone finance ministers agreed in principle on Friday to extend Greece's financial rescue by four months, averting a potential cash crunch in March that could have forced the country out of the currency area.
U.S. factory activity edges up in February: Markit
The U.S. manufacturing sector expanded in February at its fastest rate since November, after notching its lowest reading in a year in the prior month, an industry report showed on Friday.
Oil ends mixed after mild rig count drop, heating oil spikes
Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries.
Top China cotton producer resists reforms in restive Xinjiang
China's top cotton producer, a quasi-military body formed 60 years ago to settle the far west Xinjiang area, is resisting a government policy that could force it to cut output in an industry employing hundreds of thousands in the restive region.
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Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continuing decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on oil producers.
The mediator in the case brought by investors who rejected Argentina's 2005 and 2010 debt restructurings said on Thursday that the "holdout" investors offered to reopen talks with Buenos Aires, but the government had not responded.
Oil prices tumbled on Thursday as U.S. inventories were expected to hit record highs, while a possible rise in Saudi output could stoke oversupply built up in the past few months.
An explosion and fire ripped through a gasoline processing unit at an Exxon Mobil Corp refinery near Los Angeles on Wednesday, leaving California with the threat of higher gasoline prices.
Greek Finance Minister Yanis Varoufakis said on Wednesday he believed euro zone finance ministers would approve an Athens government proposal on extending the country's loan agreement later this week.
Samsung Electronics Co Ltd said it would buy mobile wallet provider LoopPay as it tries to gain a share in the mobile payments market, which its archrival Apple Inc recently entered with Apple Pay.
The U.S. Food and Drug Administration has expanded the authorized use of Celgene Corp's cancer drug Revlimid to include newly diagnosed patients with multiple myeloma, the company said on Wednesday.
Federal Reserve policymakers expressed concern last month that raising interest rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping "patient" from the central bank's rate guidance.
Greece is expected to ask on Thursday for an extension to its "loan agreement" with the euro zone as it faces running out of cash within weeks, but it must overcome resistance from skeptical partners led by Germany.
