RED OIL OFFENSIVE is being fought by Western companies. In Middle East Export Ltd., affiliate of Standard Oil (New Jersey), cut crude-oil prices between 4-c- and 14-c- per bbl. In India three companies--Caltex, Burmah-Shell and Standard Vacuum--cut crude prices 27-c- per bbl., persuaded Indian government to turn down a Red offer for cheap crude. But in Pakistan, Reds won a round by getting government to allow Soviet to prospect for oil.

BALANCE OF PAYMENTS deficit continues to shrink, thanks to U.S. exports, which are running more than $3 billion ahead of imports this year. Pay ments deficit for first half is running $3 billion a year v. last year's record $4.2 billion deficit.

RAILROAD SETTLEMENT calling for a 10-c--an-hour wage-and-benefit increase for 550,000 nonoperating railroad workers is expected this week after 14 months of on-and-off negotiations between unions and railroads. Wage increase amounts to 2%, will ensure labor peace on railroads for rest of year.

AUTO-TIRE PRICE HIKE is expected as a result of United Rubber Workers' new contract calling for average 10-c--per-hour pay boosts. Wage increase will jack up production costs $10 million, claim tiremakers, already caught in profit squeeze.

WHOLESALE SALES for the first half of 1960 jumped 2% over the same period last year, to $63.1 billion, including $26.7 billion in durable goods.

ALUMINUM CANS will hold some 20% of frozen citrus juice container market this season. Last year only 200 million were used in 1.7 billion-can citrus packaging industry, but switch is coming because aluminum cans weigh one-third less than tin cans, reduce shipping costs, chill and thaw in one-half the time and are easier to open.

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