OPEC faces a period of static oil prices as traders track supply-side uncertainties surrounding Iraq, Iran and Libya, as well as Ukraine, analysts said Thursday.

The oil exporters' cartel opted this week to maintain its crude output ceiling, expressing confidence in the market despite global tensions keeping prices high.

Russia and Ukraine began fresh EU-brokered gas supply talks Wednesday, with Moscow extending a cut-off deadline to next week in the latest signs the worst East-West crisis in years may be easing.

The negotiations are being closely watched to see if they confirm recent signs that both sides want to bring some sort of closure to a crisis that began with pro-EU protests in Kiev six months ago.

Emirates airline announced on Wednesday that it had cancelled an order for 70 long-haul A350 planes from European manufacturer Airbus.

The decision was taken following "on-going discussions with the airline in light of their fleet requirement review", Airbus said on Wednesday.

Spanish global clothing giant Inditex, owner of fast-fashion brand Zara, announced Wednesday a rare fall in quarterly profits even as it pushed ahead with an aggressive international expansion.

Inditex, created 40 years ago in the northwestern Galicia region by railwayman's son Amancio Ortega, said net profit fell 7.3 percent from the same period a year earlier to 406 million euros ($550 million) in the three months to April 30.

China's Alibaba said Wednesday it will absorb mobile browser developer UCWeb, calling it the "biggest" merger in the country's Internet industry, as the e-commerce giant continues a deal binge before listing.

Alibaba has stepped up acquisitions to expand beyond its traditional online shopping business ahead of a planned U.S. listing that could raise around $15 billion, putting it on par with Facebook's $16 billion IPO in 2012.

Tokyo is putting its planned venues for the 2020 Olympics under a microscope due to surging construction costs and environmental concerns, the megacity's top official said.

The estimated bill for 10 new sports facilities and the renovation of two existing buildings is now running at more than twice the original $1.5 billion cost.

Oil prices rose in Asia Wednesday ahead of the release of a key indicator of U.S. energy demand and a meeting of the OPEC oil cartel. 

U.S. benchmark West Texas Intermediate for July delivery was up 13 cents at $104.48 a barrel in afternoon trade, and Brent oil for July added 22 cents to $109.74.

Renewed optimism about the global economy helped push global stock markets higher Tuesday.

Since late last week, investors have digested a raft of positive news from major economies: additional monetary stimulus in Europe, a solid U.S. jobs report for May, stronger first quarter growth in Japan and an improvement in China's exports.

Demand for natural gas is set to nearly double within five years in China but the emerging market giant will meet half that with domestic supplies, the International Energy Agency said Tuesday.

In its latest medium-term forecasts for the natural gas sector, the IEA trimmed its five-year outlook for consumption by 0.2 points to an annual increase of 2.2 percent as European countries step up use of renewable energy.

The Kuwaiti government has decided in principle to end subsidies on diesel fuel but will deal with any negative impacts on consumers before implementing the decision, the cabinet said.

Last month, the OPEC member's government warned that spending outpaced revenues and this could lead to a budget deficit in 2017/2018 after years of surpluses.