Oil prices hit $55 a barrel again
New York: Oil futures prices briefly topped 55 dollars (US) a barrel after a report showed US supplies of distillate fuel, which includes heating oil and diesel, shrank for a fifth straight week.

In London, December Brent crude futures on the International Petroleum Exchange climbed 1.75 dollars to 50.52 dollars per barrel, a new high. Heating oil futures surged 4.15 cents to 1.55 dollars per gallon. Natural gas futures soared 50.7 cents to 7.630 dollars per 1,000 cubic feet.

Crude futures are now 81 percent more expensive than a year ago, while the average residential price of heating oil is 1.99 dollars per gallon nationwide, up 60.5 cents from a year ago, according to government statistics.

Crude would need to climb to 80 dollars per barrel in order to reach the all-time pinnacle, in inflation-adjusted terms, set February 1981.
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China ready to discuss FTA
New Delhi: China has expressed its readiness to discuss a Free Trade Area (FTA) agreement with India. According to Tang Jiaxuan, State Councillor and former foreign minister of China, the time was ripe for the two countries to begin FTA discussions. He also said bilateral trade which was worth around $2.87 billion last year would reach $10 billion this year.

On the question of border trade between the two countries through the Nathu La pass, Tang said China had a positive attitude and was ready to provide more facilities and set up internal systems to ensure its success.
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