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Indian Company Denies $5 Billion ConocoPhillips Bid

The Financial Post reported that India’s Oil and Natural Gas Corp. denied that it, along with Oil India Ltd. and Indian Oil Corp., made a $5 billion bid for Canadian oil sands assets owned by ConocoPhillips (NYSE:COP). ConocoPhillips has not commented on the situation.

Indian Trio Bids $5 Billion for ConocoPhillips Oil Assets

Reuters reported that a group of three Indian oil companies — Oil and Natural Gas Corp., Oil India Ltd. and Indian Oil Corp. — bid $5 billion for stakes in oil sands assets owned by Canada’s ConocoPhillips (NYSE:COP). Canada is currently completing a study of its capacity for foreign investment

Weekly Round-Up: Commodities Gain as ECB Eyed

Commodities traders shrugged off disappointing US GDP data as expectations of central bank intervention increased. Hopes that the European Central Bank will buy bonds are particularly high and speculation that the Fed will provide quantitative easing is on the rise; both could boost longer-term commodities demand.

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