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CORRECTED-COMMODITIES-Crude oil, base metals slide on China crisis; gold glimmers

* GRAPHIC-Petroleum oversupply: http://link.reuters.com/jaz84w

IH2 Deep-Dive: Breakthrough Biofuel Technology Has Commercial-Scale In Sight

This week, a cryptic but tasty news kernel has emerged from CRI, that they have entered into a Front End Loading (FEL-2) evaluation package license agreement for IH2 technology, a continuous thermal catalytic process which produces liquid hydrocarbon transportation fuels from forest residues, and other renewable resources.

TransCanada legal challenges over Keystone pipeline face long odds

WASHINGTON, Jan 7 (Reuters) - TransCanada Corp faces a rocky legal path as it seeks to overturn President Barack Obama's denial of its Keystone XL pipeline or at least recoup some of its lost investment in the multibillion dollar project.

UPDATE 2-Brazil prosecutors probe messages to Rousseff aide -paper

SAO PAULO, Jan 7 (Reuters) - Brazilian prosecutors are investigating text messages from an engineering executive that may show President Dilma Rousseff's chief of staff favored construction firms that donated to his party while he was state governor, the Estado de S. Paulo newspaper reported on Thursday.

COMMODITIES-Crude oil, base metals slide on China crisis; gold glimmers

* GRAPHIC-Petroleum oversupply: http://link.reuters.com/jaz84w (Updates prices throughout)

Car bomb in Libyan oil port kills 7, wounds 11 - guards spokesman

BENGHAZI, Libya, Jan 7 (Reuters) - A car bombing at a checkpoint in the Libyan oil port of Ras Lanuf left seven people dead and 11 wounded on Thursday, a Petroleum Facilities Guard spokesman said.

White House says confident acted lawfully in Keystone pipeline rejection

WASHINGTON, Jan 7 (Reuters) - The White House said on Thursday that it is confident that President Barack Obama and his administration acted lawfully when rejecting TransCanada Corp's Keystone XL crude oil pipeline from Canada.

Shell sees BG deal working with oil at $50 for two years - sources

LONDON, Jan 7 (Reuters) - Royal Dutch Shell has told investors its purchase of BG can work even if oil prices average $50 a barrel for two years, its lowest estimate to date as it seeks to secure shareholder support for the $51 billion deal amid plunging crude markets.

Saudis consider selling shares in oil giant Aramco - Economist

DUBAI, Jan 7 (Reuters) - Saudi Arabia's government is considering whether to sell shares in state oil giant Saudi Aramco as part of a privatisation drive to raise money in an era of cheap oil, deputy crown prince Mohammed bin Salman told The Economist magazine.

South Sudanese parties agree to share cabinet slots

JUBA, Jan 7 (Reuters) - South Sudan's warring parties agreed on Thursday to share ministerial positions in a transitional government of national unity, the chair of the body monitoring a peace deal said.

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