Energy Update

SINGAPORE, Sept 14 (Reuters) - Oil markets were fairly stable in early Asian trading on Monday, with U.S. crude contracts receiving support from reduced American drilling, although falling global car sales weighed on international markets.

SYDNEY, Sept 14 (Reuters) - Australian shares are likely to edge up on Monday tracking Wall Street, although sentiment is likely to be cautious as investors look for direction ahead of the U.S. Federal Reserve meeting this week. The local share price index futures rose 0.5 percent to 5,093.0, a 21.9-point premium to the underlying S&P/ASX 200 index close. The benchmark finished 0.5 percent lower in see-saw trading on Friday.

SYDNEY, Sept 14 (Reuters) - Oil Search Ltd on Monday rebuffed an all-share $8 billion takeover proposal from Woodside Petroleum Ltd, saying the proposal was "highly opportunistic and grossly undervalues the company."

HOUSTON, Sept 13 (Reuters) - Hidden in the haze of the petrochemical plants and beyond the seemingly endless traffic jams, a Texas city has grown so large that it is poised to pass Chicago as the third biggest in the United States in the next decade.