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UPDATE 1-Oil drops over 2 pct as China slowdown weighs; market loses faith in rebound

* Fund managers dump long positions, set record bets on price falls

China's premier says market solutions needed to solve overcapacity

BEIJING, Jan 11 (Reuters) - China will use market solutions to ease its overcapacity woes and will not use investment stimulus to expand demand, Premier Li Keqiang said during a recent visit to northern Shanxi province, according to state media.

REFILE-Australia shares at 2-1/2-year lows on China jitters, NZ shares skid

SYDNEY/WELLINGTON, Jan 11 (Reuters) - Australian shares plunged to 2-1/2-year lows on Monday, while their New Zealand peers also fell, as concerns about China's policymakers' ability to calm the country's share market took a toll on risk appetite.

Average U.S. gasoline price falls 1 cent over three weeks -survey

NEW YORK, Jan 10 (Reuters) - The average price of a gallon of regular-grade gasoline in the United States fell 1 cent over the past three weeks to $2.05, according to a Lundberg survey released on Sunday.

U.S. crude oil prices drop over 2 pct as market loses faith in rebound

SINGAPORE, Jan 11 (Reuters) - U.S.

Air Products selects Technip to provide EPC services to hydrogen plant in Texas

Air Products has awarded a contract to Technip to support the development of a grassroots hydrogen plant in Baytown, Texas, US.

Indian Oil plans $600m upgrade project at Paradip refinery

State-run Indian Oil Corporation is planning to upgrade its $5.2bn Paradip refinery located in the state of Odisha, India, with an investment of Rs40bn ($600m).

Indian Oil to spend $600 mln on Paradip refinery upgrade

* IOC to commission a reformer this month; alkylation next month

Saudi FM says further Iranian support for "terrorism" will meet opposition from all Arab countries

CAIRO, Jan 10 (Reuters) - Saudi Foreign Minister Adel al-Jubeir said on Sunday at an emergency Arab League meeting that if Iran continues to support "terrorism, sectarianism and violence", it would face opposition from all Arab countries.

UPDATE 1-Arab foreign ministers accuse Iran of undermining regional security

CAIRO, Jan 10 (Reuters) - Arab foreign ministers on Sunday accused Iran of interfering in the affairs of other Middle East states and undermining regional security, as officials met at an emergency Arab League session to discuss escalating tensions in the region.

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