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Contracts for crude oil were fluctuating between $47 and $49 a barrel in trading Monday, the highest they've risen since mid-December. But worry that they might again approach the levels of last summer was dismissed by a source for OPEC. He said cartel members were "very unlikely" to heed a call from Iran to punish supporters of Israel – the US and some European governments – by imposing an embargo on the sale of crude to them.

Senior government officials in India handed detailed evidence to Pakistan's top diplomatic representative purporting to link "elements" in his country to the November siege that killed 164 people in Mumbai. An accompanying statement said "it is our expectation" that Pakistani authorities also will investigate the matter "and share the results with us." Pakistan has denied that the siege was launched from inside its territory, demanding proof. Its foreign ministry said only that the Indian materials would be "reviewed."

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