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Oil was steady Thursday in Asia after plummeting more than $10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.

Higher U.S. oil supplies, along with evidence of quickening inflation and slowing economic activity in the world's largest economy, have helped pull prices down from last Friday's record above $147 a barrel, said Victor Shum, an oil analyst with consulting firm Purvin & Gertz in Singapore.

"We've had a run of bearish news the last few days," he said. "This roller-coaster volatility has left us in a near-term trading range of between about $130 and $145."

Midday in Singapore, light, sweet crude for August delivery was up 25 cents at $134.85 a barrel in electronic trading on the New York Mercantile Exchange.

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The majority of the undiscovered 90 billion barrels of crude oil, USGS experts estimate, are lying in Alaska, where 30 billion are hiding, Russia's Barents Basins, East and West Greenland and East Canada.

"The Alaska platform really looms as the most obvious place to look for oil in the Arctic right now," said Gautier.

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Jay Hawk Resources LLC - Oil and Gas Industry: Last week, the group announced it would resume attacks in the delta region because of a British pledge to help support the government in ending the conflict there.

Attacks on oil industry infrastructure in the past two years have slashed oil output by almost a quarter in Nigeria, Africa's top crude producer. The instability has helped push worldwide crude prices to historic highs.
Negotiations between striking Brazilian oil workers and state oil company Petrobras stalled late Wednesday with no immediate end of the walkout in sight.
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The head of oil giant BP's embattled Russian venture TNK-BP no longer has the right to work in Russia, a spokeswoman for the federal migration service told AFP on Monday.

Robert Dudley "only has a transit visa and therefore doesn't have the right to work" until he presents a valid contract that would allow him to be issued a proper work visa, said the spokeswoman.

Dudley's previous visa ran out on Saturday. He was issued a 10-day visa on Friday just hours before the deadline. If he is not issued a new work visa by July 29 he will have to leave Russia, the spokeswoman said.

Dudley has found himself at the centre of a bitter boardroom battle between BP and its Russian partners in the multi-billion dollar TNK-BP venture, which accounts for a quarter of BP's global oil output.

The dispute is being seen as a test for Russia's foreign investment climate.

Dudley maintains that under Russian law his contract, which officially ran out in December 2007, has been automatically extended. The AAR consortium that groups together the Russian shareholders contends that this is not the case.

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View Jay Hawk Resources LLC: Negotiations between striking Brazilian oil workers and state oil company Petrobras ended late Wednesday with no immediate end of the walkout in sight.

The oil workers launched a five-day strike on Monday to demand an extra day off for every two-week shift they work on the platforms, noting it takes a full day off to get to the platform and another to get back.

Petrobras said in a statement it presented a proposal that met the union's demands.

Sindipetro-NF, which represents oil workers in the Campos Basin, said on its Web site the proposal was not good enough but that it would discuss it with the workers on Thursday.

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Nigeria's main militant group said last week that it would resume attacks in the country's oil-rich river delta region because of a British pledge to help support the government in ending the conflict there.

Militants want more of Nigeria's petroleum funds spent developing the impoverished region. Over the past two years, attacks on oil industry infrastructure have slashed Nigeria's oil output by almost a quarter, helping to push worldwide crude prices to historic highs.



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