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UPDATE 1-Shell-BG deal clears last regulatory hurdle

* Tie-up on track for early 2016 completion (Updates throughout, changes dateline from previous BEIJING)

European shares up; wind turbine makers among top gainers

MILAN, Dec 14 (Reuters) - European shares opened higher on Monday as a sell-off triggered by China concerns and tumbling oil prices ran out of steam, with wind turbine makers Vestas Wind and Nordex among the leading gainers following a landmark climate deal.

UPDATE 1-Trafigura annual net profit rises to $1.1 bln

LONDON, Dec 14 (Reuters) - Commodities trading firm Trafigura reported on Monday an increase in annual net profit as it racked up record oil trading volumes, as well as an increase in metals.

UPDATE 2-Oil prices drop for 7th session on oversupply worries

* Oil prices have shed more than 13 percent over past 6 sessions

Arcadis says cooperating with police in Brazilian fraud probe

AMSTERDAM, Dec 14 (Reuters) - Dutch engineering firm Arcadis said on Monday it was providing information to Brazilian police in support of an investigation into suspected misuse of funds at a major water management project in Northern Brazil.

Trafigura annual net profit edges up to $1.1 bln

LONDON, Dec 14 (Reuters) - Commodities trading firm Trafigura reported on Monday an increase in annual net profits as it traded more oil and metals.

Iran crude exports on track to hit 6-month high in Dec -source

TOKYO, Dec 14 (Reuters) - Iran's crude oil exports are set to hit a six-month high in December as buyers ramp up purchases in expectation that sanctions against the country will be lifted early next year.

Shell says China clears merger with BG

BEIJING, Dec 14 (Reuters) - China has given unconditional clearance to a proposed merger between Royal Dutch Shell and BG Group, clearing the final key regulatory hurdle for the $70-billion tie-up, Shell said on Monday.

With oil hedges rolling off, US shale producers face stiff test

NEW YORK, Dec 14 (Reuters) - Cash-strapped U.S.

RPT-With oil hedges rolling off, US shale producers face stiff test

NEW YORK, Dec 14 (Reuters) - Cash-strapped U.S. shale oil producers are facing another sharp sell-off in a 18-month-old crude slump with reduced hedging protection, risking a severe hit to earnings if prices fail to recover.

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