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By Gemma Daley

Jan. 13 (Bloomberg) -- Australia will back a 16-nation trade bloc to boost exports to its Asian neighbors at the East Asia Summit in Cebu, the Philippines.

Australian Prime Minister John Howard and Trade Minister Warren Truss will attend the second East Asia meeting on Jan. 15. along with leaders from the 10-member Association of South East Asian Nations plus Japan, China, India, South Korea and New Zealand. Australia will also push its application for permanent membership in Asean, analysts said.

SINGAPORE, Jan 11, 2007 (AP Online via COMTEX) -- Oil prices extended declines in Asian trading Thursday after U.S. government data showed a larger-than-expected increase in domestic inventories of gasoline and heating oil.

Light, sweet crude for February delivery dropped 80 cents to US.22 on the New York Mercantile Exchange in electronic trading mid-afternoon in Singapore. The contract fell US.62 to end at a 19-month low of US.02 a barrel Wednesday.

LONDON, Jan 09, 2007 (AP Online via COMTEX) -- Oil prices fell about US a barrel Tuesday to their lowest levels in 18 months in a market expecting more mild weather and rising inventories in the United States.

Light, sweet crude for February delivery dropped US.04 to US$.05 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. February Brent crude at London's ICE Futures exchange fell as much as US.96 to US.64 a barrel.