Crude oil falls back from $139

Crude oil fell in New York as traders viewed last week's $139-a-barrel record as excessive and an opportunity to sell contracts.

Rosneft says profit increased sevenfold

OAO Rosneft, Russia's biggest oil producer, said first-quarter profit surged sevenfold, beating analysts' estimates, after the purchase of production units and refineries from bankrupt OAO Yukos Oil Co.

BP chief says era of cheap fuel over

BP Plc Chief Executive Officer Tony Hayward said the era of cheap energy is over as oil production isn't rising fast enough to meet demand amid a lack of spending.

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Business International

ECB keeps key rate at six-year high

The European Central Bank kept interest rates at a six-year high yesterday to fight inflation even as the euro-region economy cools.

Discounts help boost Wal-Mart, Costco May sales

Wal-Mart Stores Inc, the world's largest retailer, and Costco Wholesale Corp said May sales climbed more than analysts estimated as shoppers flocked to discount chains to save money on fuel and food.

Continental to ground jets, axe jobs

Continental Airlines Inc said it will eliminate 3,000 jobs and shrink its fleet by 67 planes, becoming the fourth major US carrier to slash payroll and flights because of soaring fuel prices.

IN BRIEF (Page 17)

Denmark Special

Denmark marks Constitution Day

Surrounded by a green garden shaded by luxuriant walnut trees, the Embassy of Denmark has a stately presence in Beijing's Sanlitun district.

Danfoss is 75 and growing with China

"Danfoss has made a major, long-term commitment to China and to its sustainable economic growth. We are proud to make China our second home market," said President of Danfoss China Mogens Terp Paulsen.