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THE WALL STREET JOURNAL ONLINE: Oil News Roundup: January 3, 2007 5:53 p.m.

Crude-oil futures slumped to a six-week low below $59 a barrel on the New York Mercantile Exchange amid continued forecasts for mild winter weather in the U.S. Northeast.

Here is Wednesday’s roundup of oil and energy news:

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EXXON’S CAMPAIGN: Exxon Mobil gave $16 million to 43 ideological groups between 1998 and 2005 in a coordinated effort to mislead the public by discrediting the science behind global warming, the Union of Concerned Scientists asserted. The report mirrors similar claims by Britain’s leading scientific academy, the Royal Society, which last September wrote the oil company asking it to halt support for groups that “misrepresented the science of climate change.”

•ONGC to Announce Finds: Indian’s state-run Oil and Natural Gas Corp. Ltd. is expected to announce details of new gas discoveries off the country’s east coast in the next two weeks, Reuters reports. Meanwhile, ONGC will soon start looking for oil and gas in Sri Lanka, Asian Tribune reports.

•Markets Best to Handle Global Warming: A market approach is the best way to cut carbon emissions and fight global warming, John Anda, a Morgan Stanley vice chairman and member of the White House council of Environmental Defense, writes in the Financial Times.

•Renewable Energy Turns Corner: Renewable energy has become a more-attractive investment sector in recent years, the FT reports.

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