Oil traded near $49 a barrel in New York, yesterday, as Opec ministers arrived in Vienna for talks after prices rebounded from 12-year lows.

Talks aimed at resolving the industrial dispute that led to the disruption of postal services are to take place this afternoon.

Oil deepened its weekly decline as Goldman Sachs Group said a global supply surplus could force prices to $20 a barrel. Futures fell after two weeks of gains. Goldman said yesterday the world’s oil glut is even bigger than it thought.

Brent crude rose as violence flared in Opec’s two biggest members Iraq and Saudi Arabia, raising tensions ahead of the producer group’s meeting on June 5 in Vienna.

US oil prices were steady yesterday, ahead of the first big snowstorm this year in the country’s north-east, while benchmark Brent crude fell after pledges of no policy change by the top oil exporter Saudi Arabia after King Abdullah’s death.

Oil dropped to its lowest level in more than five years on growing evidence that OPEC won’t pare output to reduce a global supply surplus.

Moneylender Ted Cunningham, who is facing a second trial on laundering charges, has rejoined his troubled subprime loan company as a director.

The price of oil rose today on new concerns about possible supply disruptions in the Middle East after Israel launched air strikes in Gaza.

New York: Brent crude futures fell sharply on Friday as Europe’s debt problems helped the dollar index rebound, extending losses into a second day after consuming nations announced they were tapping strategic reserves.

THE precedent for Tánaiste Mary Coughlan’s extraordinary intervention is a clear indication of the complexities in the electricians’ dispute.

Fear has kept people from gossip about the scandal, finds Sarah Stack.

As disgraced financial adviser Ted Cunningham settled into Cork Prison, news of his downfall is barely mentioned in his rural home town.

A Cork financial adviser who laundered cash from the notorious Northern Bank robbery will be sentenced today.

THE former chairman of Bank of Scotland (Ireland) was described as the elephant in the room during the trial of Ted Cunningham.

Ted Cunningham painted himself as the victim in the witness box, writes Liam Heylin.

THE key statement from Ted Cunningham came at the Bridewell Garda Station on the second day he was in custody when he was described as blurting out: “Phil Flynn is the boss behind everything” and confirming the money was from the Northern Bank robbery.

A Cork financial adviser was facing up to 14 years in jail tonight for laundering cash from the £26.5m (€28.4m) Northern Bank robbery.

A Cork financial adviser who was found guilty today of laundering cash from the £26.5m (€28.5m) Northern Bank robbery was remanded in custody pending sentencing on April 24.

A financial adviser was found guilty today of laundering cash from the £26.5m (€28.5m) Northern Bank robbery.

The jurors in the trial of a financial adviser accused of laundering money from the £26.5m (€28.2m) Northern Bank robbery were tonight told to use their common sense when deciding the case.

The jury in the trial of a financial adviser accused of laundering money from the £26.5m Northern Bank robbery will retire to consider its verdict today.

TED CUNNINGHAM’S counsel asked yesterday if the prosecution was suggesting that Phil Flynn was a notorious scumbag and that by association, Cunningham was a money-launderer.

The defence lawyer of a Cork man being tried on money-laundering charges today asked if the prosecution was suggesting that businessman Phil Flynn was a "notorious scumbag", and that by association the defendant was a money-launderer.

The man accused of money-laundering over £3m from the Northern Bank robbery denied confessing to gardaí that he had told Phil Flynn he could move £10m or £11m.

THE prosecutor in the money-laundering trial in Cork described the presence in Navan of Phil Flynn on the same date that the accused received £500,000 in cash from Bulgarian business associates as an interesting coincidence.

The man accused of money-laundering denied telling gardaí he was ever in fear of Phil Flynn, the former chairman of Bank of Scotland (Ireland).

The Cork man accused of money-laundering said today there was nothing unusual about two men arriving in a churchyard across the road from his house with £800,000 in Northern sterling and then driving off without getting a receipt.

A GARDA chief wanted the Cork man accused of money-laundering to rubberstamp the view that Phil Flynn was behind the Northern Bank robbery, but the accused said he was so tired and confused during interrogation that he would have agreed that Mother Teresa was his sister.

A Cork man being tried on money-laundering charges in a case arising from the 2004 Northern Bank robbery today told a court that a Garda chief had wanted him to "rubberstamp" the view that his business partner and former Bank of Scotland (Ireland) boss, Phil Flynn, was behind the crime.

THE Corkman accused of money-laundering claimed from the witness box yesterday a group of Bulgarian business people were keen to invest money with him, because they could not trust their country’s banks.

THE prosecution closed its case yesterday on the 33rd day of the trial of a Cork man accused of money-laundering — as a garda sergeant was cross-examined on whether he heard the accused say he hadn’t slept for two nights while in custody four years ago.

Former ICC Bank executive Denis O’Connell gave evidence today of travelling to Bulgaria in 2004 with the man who was later accused of laundering more than £3m from the Northern Bank robbery.

A PROPERTY developer who loaned Ted Cunningham €200,000 on the security of a bag of sterling totalling £175,000 testified yesterday that the accused man told him he was doing business in Bulgaria with Phil Flynn and the Bailey brothers.

THE man accused of laundering over £3 million from the Northern Bank robbery claimed that the gardaí wanted him to “nail” Phil Flynn, the former chairman of Bank of Scotland (Ireland), and that if he didn’t they would turn his family into the McBreartys of Donegal.

The man accused of laundering over £3m from the Northern Bank robbery claimed today that the gardaí wanted him to "nail" Phil Flynn – former chairman of Bank of Scotland (Ireland) and that if didn’t they would turn his family into the McBreartys of Donegal.

THE Corkman on trial for money-laundering was in fear of the former chairman of Bank of Scotland (Ireland) — Phil Flynn — it was claimed yesterday by the detective in charge of the investigation.

The Cork man on trial for money-laundering was in fear of the former chairman of Bank of Scotland (Ireland) – Phil Flynn – it was claimed today by the detective in charge of the investigation.

The Cork man on trial for money-laundering declared to detectives during an off-camera interview in a garda station: “Phil Flynn is the boss behind everything.”

A FINGERPRINT of Timothy Cunningham Junior was found on black tape stuck to a plastic bag full of sterling which was discovered during a search of the basement of his father’s house, the seventh day of the money-laundering trial has heard.

THE former chairman of Bank of Scotland (Ireland) Phil Flynn, was — it has been alleged — a director and shareholder of the money-lending business operated by one of the accused in the Ted Cunningham money laundering trial.

A father and son admitted under interrogation that they knew that millions of sterling notes in their possession came from the 2004 Northern Bank robbery, the prosecution claimed today as the men went on trial where they denied all the money laundering charges against them.

A financial adviser was freed on bail tonight after being charged over an alleged IRA money laundering ring set up after the notorious £26.5m (€34bn) Northern Bank robbery.

YOUR columnist Diarmaid Ferriter (February 21) has drawn attention to the argument advanced by Niamh Puirséil, historian of the Labour Party, that “social partnership could have become a reality much earlier if Fine Gael had not been so hostile to trade unions when in government in the 1980s”.

Executive members of the Irish pilots’ union will meet today to consider an invitation from Aer Lingus to enter talks.