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UPDATE 2-Brazil police arrest former senator in Petrobras investigation

BRASILIA, April 12 (Reuters) - Brazilian police arrested former senator Gim Argello and launched raids in three states on Tuesday as part of a massive corruption investigation centered at state-run oil firm Petrobras, federal prosecutors said.

UPDATE 3-India, U.S. reach preliminary agreement on sharing military logistics amid China challenge

* Commercial shipping agreement to be signed (Adds context, quotes)

Fitch cuts Saudi Arabia's ratings to 'AA-' from 'AA'

April 12 (Reuters) - Fitch Ratings cut Saudi Arabia's long-term foreign and local currency issuer default ratings to 'AA-' from 'AA' with a negative outlook, amid weak oil prices.

UPDATE 4-Oil hits 2016 high above $43 on producer meeting hopes

* U.S.

UPDATE 1-Chinese state-owned coal firm to make good on bond payment

* ChinaCoal Group unit does not specify source of funds (Adds background, details)

Italy to supply credit lines, guarantees to boost exports to Iran

ROME, April 12 (Reuters) - Italy announced 8.8 billion euros ($10.05 billion) in credit lines and financial guarantees to relaunch exports to Iran, the Italian export agency said on Tuesday during Prime Minister Matteo Renzi's visit to Tehran.

China Sinosteel extends bond repayment deadline for 8th time

SHANGHAI, April 12 (Reuters) - Chinese state-owned steelmaker Sinosteel has once again postponed its deadline to pay off interest on 2 million yuan ($309,607.11) of enterprise bonds, the company said in a statement on the website of China's bond clearinghouse.

UPDATE 2-Indonesia's Pertamina plans to develop South China Sea border areas

* Pertamina supporting government aim for activity in border areas

Czech energy group EPH to float stake in infrastructure unit

PRAGUE, April 12 (Reuters) - Czech energy company EPH is planning to sell a minority stake in its newly-created EP Infrastructure (EPIF) business on the stock market by the end of June, the company said on Tuesday.

COLUMN-You can now be positive on commodities, and that's a big change: Russell

SINGAPORE, April 12 (Reuters) - - It would be easy to dismiss the assertion by BHP Billiton Chief Executive Andrew Mackenzie that commodity prices have bottomed as the wishful thinking of a mining executive keen to see some improvement in profit margins.

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