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At 0330GMT today, Brent crude oil one month futures contract is trading 0.29% or $0.16 lower at $54.95 per barrel, ahead of the Energy Information Administration weekly oil inventory data scheduled to be released later today. Yesterday, the contract declined 2.1% or $1.18, to settle at $55.11 per barrel, as traders awaited the outcome of the Iranian nuclear talks, which could significantly add to the glut in global oil supply. Additionally, data from the American Petroleum Institute showed that US oil stockpiles rose 5.2 million barrels last week.

March 31 (Reuters) - Oil producer Gulf Keystone Petroleum said it raised about $40.7 million through a share placement at a discount of 21 percent to the stock's Monday close. Shares in the company fell as much as 18.5 percent to 33 pence in early trade on the London Stock Exchange. Iraqi Kurdistan-focused Gulf Keystone said it placed 85.9 million shares at 32 pence per share, compared with their previous close of 40.5 pence. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)

WASHINGTON, March 31 (Reuters) - The U.S. Department of the Interior on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to the Arctic since it suffered accidents in the region in 2012. "The Arctic is an important component of the Administration's national energy strategy, and we remain committed to taking a thoughtful and balanced approach to oil and gas leasing and exploration offshore Alaska," said Interior Secretary Sally Jewell.

Elliot hedge fund hit back at Alliance Trust, saying its damning shareholder circular "fails to engage on matter of substance and resorts to personal attacks in a manner unbecoming of directors of a public company".

KINGFISHER TO CLOSE ONE IN SIX B&Q STORES B&Q will close 60 stores in the UK and downsize a further six as its owner Kingfisher grapples with a dwindling DIY market. Annual sales at the FTSE 100 company fell 1.4pc to £10.97bn and pre-tax profits were 15pc lower.

Galliford Try Plc (GFRD.L) Announced that it has reached agreement with Frasers Property on the next phases of the Riverside Quarter residential development in Wandsworth. Frasers has appointed Galliford Try to construct the next three phases of the project, worth £69 million in total to the business. Phases 5C and 5D consist of two new blocks, which will include 99 apartments for sale and an additional 50 affordable homes. Phase 6A will create a new 13 storey block providing 51 new apartments for sale and 36 affordable homes together with additional commercial units and extensive landscaping, in a much sought after residential area in South West London. Galliford Try Executive Chairman Greg Fitzgerald commented: "Long-term relationships with valued clients are a key part of our construction strategy and we are delighted to have been able to reach agreement with Frasers to continue our partnership on such a prestigious residential development in a prime London location."

Central Asia Metals shares soar on results: Shares in Central Asia Metals were up by 6.05%, after the copper producer announced it would pay a final dividend of 12.5p for 2014.

Land Sec gets £1.2 billion facility: The U.K.’s biggest landlord Land Securities reported a new £1.26 billion Revolving Credit Facility (RCF) in a further sign of increasing lending activity in the property market

U.K. consumer confidence at a 13-year high: Consumer confidence soared to a 13-year high in March, with Britons preparing to splash their cash over the long Easter weekend

Saudi Arabia has to keep oil price down to maintain market share say experts: Saudi Arabia is locked in a battle for market share in Asia that will force it to keep oil prices down, experts have said.

Britain’s next government must tackle shortage of housing for elderly rather than focusing on first-time buyers: Britain’s next government must tackle a shortage of housing for the elderly rather than focusing on first-time buyers, according to one of the country’s leading builders

Shell cynically blocking action on climate change, says ex-diplomat: Shell and its oil and gas peers are narcissistic, paranoid and psychopathic, and engaged in a cynical attempt to block action on global warming, according to the U.K.’s former climate change envoy.

Hold defensive shares in Compass: Compass has enjoyed a good start to the year, with a strong performance in the U.S. to thank for rising sales and improved profitability. The FTSE 100 food group has a track record of delivering steady sales growth while keeping a close eye on costs. That recipe for success is on track to deliver steady returns for shareholders. The catering group said it had managed to hang on to more of its existing customers and expects this will have increased sales by 5.5% during the six months to the end of March. The best performing region was North America, which enjoyed an 8% increase in sales during the period, after an “unusually high” number of customers stayed with Compass. Compass has grown into a global giant by using its size to drive down the cost of ingredients while pushing through price rises in line with inflation. Food makes up 80% of its business and the company provides catering in 50,000 locations across the world. Compass has increased revenues from £14.5 billion in 2010 to £17 billion at the end of September last year, and during this period profits have increased from £913 million, to £1.15 billion. Compass remains a steady and, more importantly, cash-generative company. It has pledged to buy back £500 million-worth of its own shares in the year to the end of September. Questor looked at the shares last year, and we recommended them as a hold at 984p. The shares are now close to their record high of £12.13, which they reached two weeks ago. Questor thinks Compass is an excellent defensive share, but no better than a hold at these prices. Compass at £11.86+12p. Questor Says “Hold”.

AA looks to investors to reduce debt levels: Roadside recovery group The AA is turning to investors for cash to reduce its debt pile, but low growth rates make the shares look expensive. The listing, which saw the shares float at 250p, has been a success as the stock has soared almost 80% to close at 413.8p. The company is also not growing very quickly. The AA said that revenue increased 1% to £984 million and pretax profits more than halved from £193 million to £60.8 million in the 12 months to the end of January. The money from the issuance of new shares will not be used to fund growth, but will go towards reducing the debt pile. The AA said the majority of the cash will pay off £175 million of its most expensive loans and reduce annual interest costs by about £45 million in the future. Questor is always concerned when stock markets are used to raise cash to repay debt rather than for their intended purpose, which is to fund growth. The company said it intends to pay a £50 million, or 5.2p, dividend at the end of this year, but that 1.3% prospective dividend yield is fairly meagre. The shares will be issued on a three-for-32 basis at a price of 385p, a 7% discount to yesterday‘s closing price. Investors have until 11am on April 16 to apply for the shares through their broker. AA at 413p-3.7p. Questor Says “Avoid”.

Saudi oil infrastructure at risk as Mid-East conflagration spreads: Saudi Arabia’s escalating intervention in Yemen is a high-stakes gamble that risks back-firing in a series of complex ways, ultimately endangering Saudi oil infrastructure and the security of global energy supply.

Au revoir, monsieur: When you’re doing serious structural works at your house, a prior commitment to redecorate your kitchen can be a distraction — especially if it was set up by the previous householder. So while Kingfisher is scarcely flying loop-the-loops at the collapse of its effort buy French DIY chain Mr Bricolage, the retailer isn’t all broken-winged and downcast. The €275 million takeover was scuppered by actions of ANPF, the shareholder controlled by Mr Bricolage franchisees. Whatever else was happening during the months and months of talks, Kingfisher clearly wasn’t emitting the vibe of a natural franchise-Owner. While France is Kingfisher’s biggest market, its biggest problem is B & Q. Difficulties at the famously orange U.K. brand have been much more its own work. It sells too many different products, has too much store space, and downsizing will be a long, expensive process. Whatever newbie Chief Executive Véronique Laury does to bring B & Q closer to Casto will not change the nature of the business nor reverse the generational move away from DIY. What would actually impress them is a clear statement about what sort of investment Kingfisher is: whether it is a growth stock as it used to be; or whether it is now a mature business in mature markets that hands cash back to shareholders.

Gulf Keystone launches £30 million share placing: Gulf Keystone Petroleum, the cash-strapped oil producer that put itself up for sale last month, has launched a placing of shares aimed at raising a minimum of £30 million to ease its short-term funding problems.

McCarthy & Stone profits soar on baby boomer spending: McCarthy & Stone saw first-half pretax profits soar 76% to £32 million as the U.K.’s largest housebuilder for older people continues to benefit from the country’s rising population of affluent baby boomer homeowners.

BoE stress tests to focus on Asia and the Eurozone: A sharp economic downturn in Asia and the Eurozone, falling commodity prices and illiquid financial markets will form the backdrop to the Bank of England’s stress tests for the U.K.’s biggest banks this year.

Homebuyers shrug off election uncertainties: Banks and building societies handed out mortgages at the fastest pace in six months in February, despite uncertainty created by the forthcoming election