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BP misses Q2 profit expectations as weak refining margins, oil price bite

LONDON, July 26 (Reuters) - British oil major BP
reported lower-than-expected profit for the second quarter due
to weak refining margins and oil prices, prompting another cut
to its 2016 investment budget to below $17 billion.

Brexit lights slow fuse under EU energy goals

It's business as usual from the EU side on energy issues. Fears that the UK might miss out on EU funding for energy projects are so far unfounded.

Renewed oil weakness sparks demand fears

NEW YORK, July 26 (Reuters) - U.S. oil prices topped $50 a
barrel in June, boosting optimism a two-year price rout might
end. Six weeks later, the long hoped for recovery has yet to
take hold.

Increased drilling may slow pace of crude oil production declines

(Tue, 26 Jul 2016) Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the past three weeks, a 40% increase over the average price in the first quarter of 2016.

UPDATE 1-Shell Philippines files $629 mln IPO; may be country's largest in 2016

* Company plans to offer up to 330 mln shares at 90
pesos/shr

Australia shares track commodities lower, NZ stocks flat

SYDNEY/WELLINGTON, July 26 (Reuters) - Australian shares
tracked commodity prices and global markets lower on Tuesday,
while New Zealand shares barely moved.

Shell Philippine unit files for IPO of up to $629 mln

MANILA, July 26 (Reuters) - Pilipinas Shell Petroleum Corp
is looking to raise up to 29.7 billion pesos ($629.24 million)
in what could be the country's third initial public offering
this year, a regulatory filing showed on Tuesday.

China asks U.S. to support resumption of talks with Philippines

BEIJING, July 26 (Reuters) - China's foreign minister has
asked the U.S. secretary of state John Kerry to support the
resumption of talks between China and the Philippines over the
South China Sea, following a ruling against Beijing over the
dispute earlier this month.

RPT-COLUMN-Hedge funds in new cycle of oil short-selling: Kemp

LONDON, July 25 (Reuters) - Hedge funds have been
liquidating their former record bullish position in crude
futures and options putting downward pressure on oil prices in
recent weeks.

Solar-powered plane circles globe, returns to UAE

ABU DHABI, July 26 (Reuters) - A solar-powered aircraft
successfully completed the first fuel-free flight around the
world on Tuesday, returning to Abu Dhabi after an epic 16-month
voyage and demonstrating the potential of renewable energy.

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