Global oil prices rebounded sharply Tuesday on the falling greenback, which makes dollar-priced crude cheaper for buyers using stronger currencies.

U.S. benchmark West Texas Intermediate (WTI) for June delivery jumped $1.09 to $60.34 a barrel.

Kuwait has requested arbitration in a dispute with Saudi Arabia over shared oil production from the neutral zone between the Gulf neighbors which has completely halted, a newspaper reported Tuesday.

Kuwaiti daily Al-Jarida said that talks between the two governments on output from the 5,000 square kilometer (1,930 square mile) zone that they exploit jointly under a half-century-old treaty had reached deadlock.

Britain's finance minister George Osborne on Tuesday warned his EU partners not to underestimate his government's determination to seek reform of the 28-nation bloc ahead of a planned referendum on British membership.

"We come here with a very clear mandate to improve Britain's relationship with the rest of the EU and to reform the EU so that it creates jobs and increases living standards for all its citizens," Osborne told reporters while arriving for a meeting of EU finance ministers.

Greece narrowly averted a default Tuesday that could have seen it crashing out of the euro, but warned it faced another cash crunch within two weeks without a bailout deal with its EU financiers.

Athens's radical new government managed to scrape enough cash together Monday to place the order for the repayment of 750 million euros ($840 million) of IMF loans, the finance ministry said, pledging to honor both its international and domestic debt obligations. 

National Australia Bank Tuesday said there had been a strong institutional uptake for shares in the country's biggest ever rights issue to raise Aus$5.5 billion (US$4.4 billion), as the stock held up well after resuming trading.

The country's fourth biggest lender went into a trading halt last Thursday as it outlined a proposal to demerge its British banking business and raise money as a buffer to meet tougher regulatory requirements.

Saudi Arabia and Kuwait decided to shut the second oilfield in the neutral zone, effectively halting output in the area which produced 500,000 barrels of oil, an official said Monday.

"A decision has been taken today to shut operations at Wafra oilfield... for two weeks for periodical maintenance," head of the trade union of Kuwait Gulf Oil Co. (KGOC) Fadghoush al-Ajmi told Agence France Presse.

Global oil prices dipped Monday as investors took their cue from the rebounding dollar, awaited fresh U.S. economic data and digested another Chinese interest rate cut.

U.S. benchmark West Texas Intermediate (WTI) for June delivery slid 19 cents to $59.20 a barrel.

Australia Monday announced plans to go after large multinational firms shifting profits offshore to minimize taxes, with 30 companies in the government's sights.

It also outlined proposals to force companies selling digital products, such as streamed content and e-books, to pay a goods and services tax.

Greece will plead for leeway from an unwavering Europe on Monday, in a fresh effort to free up cash after months of deadlock in bailout talks.

The eurozone's 19 ministers meet in Brussels one day before Greece must pay a 750 million euro ($840 million) debt bill to the IMF that some fear the Mediterranean nation cannot afford.

Consumer inflation in China rose to 1.5 percent in April, authorities said Saturday, but came in below market forecasts and analysts called for more action to avoid deflation in the world's second-largest economy.

The rise in the consumer price index (CPI), a main gauge of inflation, released by the National Bureau of Statistics (NBS) was the highest since December, and a slight increase on March's 1.4 percent.