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COLUMN-Middle East oil price benchmark is patched up, full fix elusive: Russell

LAUNCESTON, Australia, Dec 2 (Reuters) - - Has enough been done to boost the liquidity, and more importantly, the confidence of participants in the benchmark Middle East crude pricing system?

UPDATE 1-Santos brokers look to sell A$585 mln in unwanted stock

* Santos shares under pressure from weak oil price (Updates with retail take-up, Santos comment)

China may pay "international price" in South China Sea legal case, experts say

* Manila seeks ruling over right to exploit South China Sea waters

Santos shares on halt ahead of auction of unwanted stock

MELBOURNE, Dec 2 (Reuters) - Shares in Santos Ltd went on a trading halt on Wednesday amid speculation its retail investors bought only about a third of the A$1.35 billion ($987 million) of shares offered by the oil and gas producer in a move to pay down debt.

U.S. oil reserve sale reduced in transportation bill deal

WASHINGTON, Dec 1 (Reuters) - The U.S. transportation bill will be partially funded by selling off some of the U.S. emergency oil reserve, but less will be sold than originally planned after negotiators in the Senate and House of Representatives reached a deal on Tuesday.

UPDATE 1-Japan's JX Holdings, TonenGeneral say they are in merger talks

* To aim for annual cost savings of Y100 bln in 5 years -Nikkei (Adds details)

Climate deal needed if Bill's billions are to help poor nations

WASHINGTON, Dec 1 (Reuters) - Heads of state and big-name billionaires opened the Paris climate summit with a bang on Monday, promising billions of dollars to develop new green technology to solve a key sticking point of the negotiations: financing a low-carbon future for developing nations like India.

U.S. bombing wider Islamic State oil supply chain -Obama nominee

WASHINGTON, Dec 1 (Reuters) - The United States has stepped up the bombing of the Islamic State militant group's oil operations including drilling and trucking to go beyond hitting mostly mobile refineries, President Barack Obama's nominee for Assistant Secretary of State for energy said on Tuesday.

REFILE-U.S. judge approves reduced incentive plan for bankrupt Sabine

Dec 1 (Reuters) - A U.S. judge approved a reduced incentive plan for top executives of Sabine Oil & Gas Corp on Tuesday, despite opposition from unsecured creditors who demanded that any bonus scheme be linked to a sales process for the bankrupt company.

Australia shares seen with cautious start, NZ stocks near record highs

SYDNEY, Dec 2 (Reuters) - Australian shares are set with a cautious start on Wednesday with falling iron ore prices likely to hit local resource stocks. Global miner BHP Billiton is expected to open around 0.8 percent lower, tracking a loss in its U.S. ADRs. Share price index futures YAPcm1 edged down 0.1 percent to 5,258, a 8.1-point discount to the close of the underlying S&P/ASX 200 index on Tuesday. The benchmark surged 1.9 percent in the last session.

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