Rosneft's

Russia's top oil company Rosneft announced an 18 percent surge in first-half profits to 137 billion rubles ($4.2 billion) on Monday, as crude production surged following the acquisition and consolidation of BP's former joint venture TNK-BP.

The state-controlled oil major said total hydrocarbon production rose 82.8 percent in the first half from the same period 2012. Net profit for the second quarter 2013 dropped to 35 billion rubles ($1.1 billion) from 102 billion rubles ($3.1 billion) in the first quarter as spending grew to uphold Rosneft's huge borrowing commitments. The second quarter of 2013 is the first full quarter where Rosneft has accounted for the new Siberian oilfield, refinery and downstream assets obtained in the $61 billion purchase of TNK-BP from the British oil giant and its Russian oligarch

Ben Bernanke vs Obama

US President Barack Obama will likely name a successor to Federal Reserve Chairman Ben Bernanke in a few months, a senior White House official said Friday.

In response to a question about the much-buzzed about successor to Bernanke, whose second four-year term expires January 31, the official said tersely: "No decision made, no announcement imminent -- announcement likely not until the fall."

update gold, FRIDAY

 Global commodity prices mostly fell this week as traders took their cue from mounting worries over the Chinese economy, which is a crucial consumer of many raw materials and where data showed China's country's manufacturing activity contracted to an 11-month low in July.

OIL: World oil prices were shaken by stubborn Chinese demand concerns.
HSBC said in a survey Wednesday that its preliminary purchasing managers' index 
(PMI) hit 47.7 this month, down from a final 48.2 in June and the lowest since August. A reading below 50 indicates contraction, while anything above signals expansion.

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update winq