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UPDATE 1-Oil rises as U.S. producers struggle; inventories may weigh

* Analysts warn that recent speculative price rise was overblown (Adds comments, bullet points, updates prices)

Australia shares edge higher, NZ shares fall for first time in 12 sessions

SYDNEY/WELLINGTON, March 16 (Reuters) - Australian shares edged higher on Wednesday, rebounding slightly from their biggest one-day loss in three weeks in the previous session, drawing support from stronger financial stocks and despite weakness in resources.

Oil prices rise as U.S. producers struggle, focus shifts to inventory

SINGAPORE, March 16 (Reuters) - Oil prices rose early on Wednesday after falling in the previous session, with U.S. producers showing increasing signs of financial distress and as focus shifted to U.S. inventory data due later in the day.

UPDATE 1-Senator's plea drags Brazil ethanol industry into graft scandal

SAO PAULO, March 15 (Reuters) - The testimony released on Tuesday of a prominent Brazilian senator is leading prosecutors in the widening corruption scandal beyond the graft-ridden oil and electric sector that have been their main focus and into the ethanol industry.

UPDATE 1-BTG Pactual stock extends decline as plea bargain implicates bank

SAO PAULO, March 15 (Reuters) - Stock in Grupo BTG Pactual SA, the Brazilian investment bank struggling with fallout from a sweeping corruption probe, fell on Tuesday as the country's top court validated a plea bargain from a senator who implicated the bank and its founder André Esteves.

RPT-India's Adani gets Queensland backing for Australian coal project

SYDNEY, March 15 (Reuters) - Parliament in the Australian state of Queensland agreed on Tuesday that India's Adani Enterprises Ltd should be granted "all state government approvals" to build one of the world's biggest coal mines, state mining minister Anthony Lynham said.

Senator's plea drags Brazil ethanol industry into graft scandal

SAO PAULO, March 15 (Reuters) - The testimony released on Tuesday of a prominent Brazilian senator is leading prosecutors in the widening corruption scandal beyond the graft-ridden oil and electric sector that have been their main focus and into the ethanol industry.

Brazil's power oversupply hurts distributors, consumers

SAO PAULO, March 15 (Reuters) - Brazil's high power prices and the country's worst recession in decades are causing an electricity oversupply that could cost power distributors and consumers around 3.3 billion reais ($878 million) this year, a consultant said on Tuesday.

UPDATE 1-UPS expands alternative fuels momentum with $100 mln CNG investment

March 15 (Reuters) - United Parcel Service Inc on Tuesday announced a $100 million plan to buy hundreds of new trucks that will run on compressed natural gas, saying it did not want to lose momentum on alternative fuels even though diesel prices have tanked.

Brazil minister denies he tried to interfere in Petrobras probe

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