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Oil near $108 after Saudi Explosion Report Denied

Oil prices fell slightly to near $108 a barrel Friday in Asia after Saudi Arabia denied an Iranian media report of an explosion at a Saudi pipeline.

Benchmark oil for April delivery was down 41 cents to $108.43 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

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European States Sign New Fiscal Treaty

The leaders of 25 European states have signed a new treaty designed to prevent the 17 euro countries from running up huge debts in order to prevent a repeat of the current crisis afflicting the single currency zone.

European Council President Herman Van Rompuy, who oversaw the drafting of the accord, said the treaty will bring an "economic and monetary union that is finally walking on two legs."

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Kodak Agrees to Sell Online Gallery to Shutterfly

Eastman Kodak Co. said Thursday it plans to sell its online photo service business to online photo publishing company Shutterfly Inc. for $23.8 million.

Eastman Kodak filed for bankruptcy protection in January and said it is narrowing its focus to its core printer businesses.

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China Manufacturing Sees Gains in February

China's manufacturing gained momentum in February, helped by strength in new orders, export demand and production, a government survey showed, though inflation pressures remain a concern.

The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose 0.5 points to 51.0 from January's 50.5 and December's figure of 50.3 in a third straight month of steady improvement.

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Dubai Shipbuilding Firm Eyes End to Debt Process

Dubai's state-run shipbuilding company says it soon plans to lay out the terms of its $2.2 billion debt restructuring plan and aims to complete the process by July.

DryDocks World and several lenders have been wrangling over the terms of the restructuring for months.

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World Stock Markets Slip as Buying Fervor Cools

World stock markets edged lower Thursday as buying fervor cooled following a string of strong gains.

Benchmark oil slipped below $107 per barrel while the dollar fell against the yen but rose against the euro.

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Oil Falls below $107 amid Weak U.S. Gasoline Demand

Oil prices fell to below $107 a barrel Thursday in Asia after U.S. crude supplies grew more than expected amid weak gasoline demand.

Benchmark oil for April delivery was down 39 cents to $106.68 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents to $107.07 per barrel in New York on Wednesday.

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Hyundai Mipo Receives $250 mn Orders from Kuwait

Hyundai Mipo Dockyard said Wednesday it had received an order worth $250 million to build four chemical tankers for Kuwait even as the world's shipbuilding industry suffers from a downturn.

Under the contract signed Tuesday in Kuwait, Hyundai Mipo -- a subsidiary of Hyundai Heavy Industries -- will deliver the four tankers to the state-run Kuwait Oil Tanker Company by August 2014.

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Japan Finishes Tokyo Sky Tree

Construction of the Tokyo Sky Tree, the world's tallest self-supporting communications tower, is set to finish Wednesday, two months late because of the quake and tsunami that struck Japan last March.

Tourist bosses in the country hope the tower will be a big draw for foreign visitors, whose numbers have plummeted in the aftermath of the disaster and the nuclear crisis it sparked.

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Oil Prices Rebound on Iran Concerns

Oil prices rebounded in Asian trade Wednesday as concerns over crude producer Iran's nuclear program crept back into the market, analysts said.

New York's main contract, light sweet crude for delivery in April, gained 28 cents to $106.83, while Brent North Sea crude for April delivery was up 60 cents to $122.15 in morning trade.

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