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The United States would welcome Chinese investments in its oil and gas sector, an official with the U.S. department of energy said on Wednesday.

Crown Minerals is to begin work to understand these basins and announce blocks offers for exploration within the next five years.

OPEC may need to consider cutting oil output if the price of crude remains below $90, Iraqi Oil Minister Hussain al-Shahristani told Reuters on Wednesday.

President Rafael Correa swore in Delis Palacios as Ecuador's new minister of energy in a ceremony Wednesday at the presidential palace.

MMS reported that personnel are currently evacuated from 85 production platforms, but no rigs are evacuated. An estimated 43.5% of Gulf oil production is still shut-in.

In an increasingly volatile market in which assets have been consistently tumbling, commodity prices have plunged to a new low of around $89 a barrel from record highs that topped out at more than $147 a barrel in July.

Revenue forecasts for states across the nation continue to dim, likely leading to widespread budget cuts, according to a new report.

Federal regulators and the banks fighting over the fate of Wachovia Corp. have agreed to give themselves another day to sort out their battle for the 3,300 branches Wachovia has nationwide. (C) (WFC)

Bank of America Corp. sold 455 million shares of its common stock at $22 per share, raising $9.76 billion after expenses. (BAC) (MER)

Simon Property Group has named longtime property management professional Mary Spaulding general manager over five of the company’s area properties. (SPG)