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US down $66/mt on falling global prices, softening demand; Asian buyers await market direction

LDPE pricing in the US seemed influenced by falling global prices and softening demand. In Asia, LDPE prices fell amid weak demand as buyers remained on the sidelines waiting for clearer market direction to emerge. In Europe, the main talking point in the LDPE market was the settlement of the August ethylene contract price at a decrease.

UPDATE 1-Conoco results beat estimates, cuts capex amid low oil price

July 30 (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, reported quarterly results that beat analysts' expectations Thursday and said it would cut capital expenditure as low crude oil prices persist.

Refiner Valero Energy's quarterly profit doubles

July 30 (Reuters) - U.S.

Marathon Petroleum plans additional $2 bln share buyback

July 30 (Reuters) - Refiner Marathon Petroleum Corp said it authorized an additional $2 billion share buyback, a day after it raised its quarterly dividend by 7 cents to 32 cents.

Conoco has quarterly loss, lowers capex

July 30 (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, reported a quarterly loss compared with a year-ago profit on Thursday as steep declines in crude oil prices hurt results.

China, Russia to hold military drills in Sea of Japan

BEIJING, July 30 (Reuters) - China and Russia will hold joint naval and air defence drills in the Sea of Japan, China said on Thursday, the latest exercises between the two countries which could concern Japan, involved in a marine dispute with China to the south.

UPDATE 2-Spain's economy motors on at fastest pace since before financial crisis

* Supports may weaken, slowing consumer-led recovery (Recasts, adds company earnings details)

UPDATE 2-Shell to axe 6,500 jobs, cut spending to cope with lower oil prices

* Plans $30 bln asset disposals between 2016-2018 (Adds details, shares)

UPDATE 2-EDF buys majority of Areva reactor unit, seeks partners

* Areva shares open 3 pct higher, EDF 2 pct higher (Adds EDF CEO comments, share move)

UPDATE 3-Brazil accuses former Petrobras executive of favoring Italy's Saipem

SAO PAULO, July 29 (Reuters) - Prosecutors in Brazil said on Wednesday former Petrobras executive Renato Duque had unfairly favored Italy's Saipem SpA on a contract for an undersea gas pipeline for the Lula and Cernambi offshore subsalt fields.

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