Brent holds near $109 as China growth meets forecast

By Manash Goswami

SINGAPORE (Reuters) - Brent crude futures hovered near $109 a barrel on Monday as worries about demand growth ebbed after data from China showed the world's second-biggest economy expanded in line with expectations.

China's GDP grew 7.5 percent in April-June, and while that marked a slow down in nine of the last 10 quarters, it was a relief for some investors who were primed for a lower number. Industrial output was slightly less than forecast, but crude runs in the country's refineries and implied oil demand both rose in June, supporting oil markets further.

Brent crude had gained 1 cent to $108.82 a barrel by 0503 GMT, swinging between a high of $109.02 and a low of $108.61. U.S. oil was up 3 cents at $105.98, recovering from a low of $105.50 earlier in the day.

"Overall, the latest numbers from China were in line with expectations, there were no huge surprises and it is a continuation of the soft theme," said Ric Spooner, chief market analyst at CMC Markets. "But industrial output numbers were weak, and there is growth risk to the downside, going forward."

China's implied oil demand rose by nearly 10 percent in June over a weak base a year earlier to 9.94 million barrels per day (bpd), Reuters calculations based on preliminary government data showed. Crude runs rose 10.8 percent to 9.636 million bpd, the highest daily output since February, as refineries boosted production after maintenance.

The latest data out of China helped oil futures extend gains. Brent settled $1.08 higher on Friday, while U.S. crude ended up $1.04, led by the biggest surge in gasoline futures this year as a string of refinery outages stoked concerns about fuel supplies in the heart of the U.S. summer driving season.

U.S. crude has outperformed Brent for the past two weeks, narrowing the European benchmark's premium to U.S. crude to a 2-1/2 year-low of $1.32 at one point on Thursday. It was around $3 on Monday.

SPREAD

Big hedge funds built up a near-record long position in U.S. crude oil futures in the week to July 9, helping fuel a resurgence in the U.S. benchmark.

The latest weekly data from the U.S. Commodity Futures Trading Commission showed funds increased their net long futures and option positions in NYMEX and ICE U.S. crude by more than 26,000 contracts to more than 330,000 during the period, nearing the record they held amid the Libyan civil war in 2011.

Lingering concerns of supply disruption also provided further support. Brent has held above $100 for most 2012 and this year due to tensions between the West and Iran over Tehran's disputed nuclear programme.

Israeli Prime Minister Benjamin Netanyahu said on Sunday that Iran was getting closer to the "red line" he set for its nuclear programme.

Investors are also watching the regime change in Egypt. Egypt's interim prime minister filled senior posts on Sunday in a cabinet that will lead the country under an army-backed "road map" to restore civilian rule following the overthrow of elected President Mohamed Mursi.

Source: http://news.yahoo.com/brent-holds-near-109-china-growth-meets-forecast-062832544.html

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U.S. falls to Canada at World University Games

Posted July 12, 2013

Doug McDermott hit 9-of-19 threes for Team USA as they fell to both Canada and Australia. (Eric Francis/Getty Images)

In what was essentially a two-game group stage after three opening contests against overmatched foes, the U.S. World University Games team surprisingly crashed out of medal round play on Friday after suffering a second consecutive defeat, this one coming 94-85 to Canada. This loss follows a similar 93-84 setback to Australia yesterday, and leaves the U.S. in third place in the group, with only the top two teams advancing to the quarters.

When I covered a couple days of the trials in Colorado Springs, Colo., the team appeared to be light on perimeter shooting, at least in the traditional sense coming from guards. The wing and frontcourt shooters held up their end of the bargain in both losses, though.?The U.S. made 10-of-25 threes against Australia and then connected on a gaudy 15-of-32 against Canada, with Doug McDermott making 9-of-19 tries in the two games and Luke Hancock connecting on five of his six tries this morning.

The team?s issues, on both ends of the court, lay closer to the basket. The U.S. was played to a standstill on the glass in both games and was hurt badly by both Australia and Canada in terms of points conceded in the paint. Team USA didn?t defend the arc well, either, and the U.S. allowed 1.21 and 1.16 points per possession in the defeats. On offense, the U.S. didn?t finish well around the rim, a large factor in the combined 34-of-87 shooting from two-point range in the two losses. Combine everything, and you have an early exit.

The defensive, (relative) rebounding and inside finishing woes give reason to question Bob McKillop and Co.?s decision to rely primarily on Cory Jefferson at the 5, leaving very few minutes for either Adreian Payne or Alex Kirk. Payne played just 20 minutes in the two defeats and Kirk just two, including a DNP against Australia while New Mexico teammate Cameron Bairstow carved the U.S. up with 22-9-5. Kirk tweeted after the Australia game that he wasn?t injured, so whether he ultimately just was a poor fit for McKillop?s system or something else was going on, the U.S.?s decision to play smaller and less physical players for two straight games clearly didn?t work out.

The team will continue on in the consolation bracket, but can finish no higher than 9th place in the tournament.

Source: http://college-basketball.si.com/2013/07/12/team-usa-world-university-games/?xid=si_ncaab

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Obama attends Democratic Party fundraiser

WASHINGTON (AP) -- President Barack Obama has attended a Democratic Party fundraiser that was closed to media coverage.

Officials say about two dozen supporters were expected at Thursday's event at the Jefferson Hotel, a few blocks north of the White House.

Tickets cost $32,400 a pop, which means Obama filled the Democratic National Committee's coffers with nearly $400,000.

Officials say media coverage was not allowed because Obama was not making any formal remarks.

Across the street from hotel, several dozen people demonstrated against the Keystone XL oil pipeline. They chanted and held signs, including one that said, "Reject Keystone XL, No Tar Sands."

Source: http://news.yahoo.com/obama-attends-democratic-party-fundraiser-124644270.html

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Blaze destroys Palmyra home while family attends Stadium of Fire ...

Palmyra ? Family displaced; fire began near new barbecue.

A Palmyra family lost everything Thursday night when a fire destroyed their home while they celebrated Independence Day in Provo.

Utah County fire officials learned of the blaze at 10:19 p.m. and soon took up defensive positions around the home at 2189 W. 4000 South.

County fire marshal Dennis Barcker said crews from the county, Mapleton, Salem and Spanish Fork fought the fire until after 3 a.m. A sheriff?s deputy watched the fire through the night, and when it rekindled Friday morning crews used a track hoe to demolish the still-burning structure.

"It was such extensive damage that we couldn?t put it out last night," Barker said.

Late Friday morning, Barker said crews were just finishing up. He called the home a complete loss.

The blaze displaced a mother, father and two or three children, Barker said.

Investigators have been unable to determine exactly how the fire began. Barker said the family had a barbecue Thursday evening, then left to attend the Stadium of Fire in Provo. The fire began in the vicinity of the barbecue, though Barker said it was new and that the family turned it off. He speculated that something hot could have worked its way into the home?s vinyl siding or deck and then ignited later.

"Once that vinyl starts burning it?s just about like gasoline," Barker said. "It goes fast."

Despite the lack of definitive answers about the fire?s origin, investigators did not consider it suspicious Friday morning.

A neighbor and a passer-by both reported the fire. Firefighters took a defensive position outside the home because, Barker said, it was too dangerous to go inside. He added that the second-story floors collapsed.

story continues below

In addition, water was not available in the area ? located northwest of Spanish Fork ? for fire crews, who were forced to bring it in with trucks.

According to Barker, the family managed to salvage a few photos and a pair of boots, but lost everything else.

jdalrymple@sltrib.com

Twitter: @jimmycdii

Copyright 2013 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.sltrib.com/sltrib/news/56556232-78/fire-barker-family-crews.html.csp

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Source: http://www.ivillage.com/celebrity-yearbook-photos-guess-cheerleaders-0/1-b-527073?dst=iv%3AiVillage%3Acelebrity-yearbook-photos-guess-cheerleaders-0-527073

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Hands-On With CE Week's Hottest Wearable Tech

Wearable technology is all the rage right now, and I'm not just talking about Google Glass or Apple's forthcoming iWatch. Companies large and small are getting in on the trend, and that was made all the more obvious as we roamed through CE Week's ShowStoppers showroom. As you'll see in the video above, we venture from smart watches to bone-conduction musical hats to wearable portable video recording devices and blue-light therapeutic glasses. It's a wild ride.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/34xVNwxJv5M/

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