Oil nears $70 a barrel
Singapore: Oil prices rebounded on Tuesday to close to $70 a barrel in London on concerns over Nigerian crude production. Output from Nigeria, the world's eighth biggest oil exporter, is down by 25 pc after a campaign of militant attacks against oil installations.

London Brent crude was up 25 cents at $69.96 a barrel by 0255 GMT, having fallen 98 cents on Monday after Nigerian unions suspended a two-day strike that had threatened to halt oil flows.

U.S. crude traded 54 cents down at $64.66 a barrel, but did not record any settlement on Monday due to a holiday.

Any further disruption to production of Nigeria's gasoline-rich crude would increase worries over fuel supplies as the peak season demand has begun in the United States over the three-day Memorial Day holiday.
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'Rich countries should pay global warming bill': Oxfam
London: Barely 10 days before a crucial Group of Eight (G8) summit in Germany which is expected to discuss climate change as the core issue, aid agency Oxfam has said coping with the damages of global warming will cost $50 billion a year, and the rich nations who caused most of the pollution must pay most of the bill.

Oxfam said the United States must foot 44 percent of the annual $50 billion bill. The US however, is rejecting attempts by German G8 presidency Germany to set stiff targets and timetables for cutting carbon gas emissions and raising energy efficiency.

Oxfam researcher Kate Raworth said G8 countries faced two obligations as they prepare for this year's summit in Germany — to stop harming by cutting their emissions to keep global warming below two degrees Celsius and to start helping poor countries to cope. Developing countries cannot and should not be expected to foot the bill for the impact of rich countries' emissions she added.

Scientists say average temperatures will rise by between 1.8 and 4.0 degrees Celsius this century due to carbon emissions from burning fossil fuels for power and transport, causing floods and famine and putting millions of lives at risk.

The United States is the world's biggest producer of carbon emissions. However, China is expected to overtake it within a year as it builds a coal-fired power station every four days to feed demand.
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