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Crude futures settle at record levels
New York: Crude oil futures settled at a record near $60 a barrel. Traders said that some of the buying has been based on speculation as well as fears of supply disruptions due to refinery problems.

Light, sweet crude for August delivery settled at 59 dollars, 84 cents a barrel, a gain of 42 cents.
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CNOOC- Unocal to begin talks on all-cash bid
Beijing: China National Offshore Oil Corp (CNOOC) on Friday showed keen interest in immediate talks with Unocal over a proposed US$18.5 billion all-cash bid, after rival Chevron allowed Unocal to join the discussions.

"We are prepared to start immediately," said Fu Chengyu, president of the nation's third-largest oil and gas producer, responding to Unocal's announcement that it had received a waiver from Chevron allowing Unocal to engage in discussions with CNOOC over the all-cash bid.

El Segundo, California-based Unocal, will start talks with CNOOC soon, said a spokesman of the ninth-largest oil and gas producer in the United States, on Friday.

"We believe this offer brings superior value to Unocal shareholders," said Fu in the statement on Friday, re-emphasizing that the oil and gas produced by Unocal in the United States and the Gulf of Mexico will continue to supply the US market after the transaction, and the jobs of all Unocal's employees in the United States will be retained, in contrast to Chevron's plan to axe workers.

CNOOC's bid to take over a US oil giant has spurred concerns from some US government officials over its national security.
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