REUTERS - Brent crude futures LCOc1 were at $56.33 per barrel at 0638 GMT, up 38 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.73 per barrel, up 64 cents, or 1.4 percent.

MEOG - A $60-70 per barrel oil price level appears adequate to incentivise sufficient long-term supply. The cost to develop both tight oil resources and conventional upstream oil projects has declined significantly since the oil price collapse of 2015-16.

REUTERS - Brent crude LCOc1 futures rose 4 cents to settle at $52.20 a barrel, off the session high of $53.80 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 72 cents to settle at $45.33 a barrel, after earlier reaching $46.22 a barrel.

REUTERS - Brent crude oil LCOc1 dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1205 GMT. U.S. light crude oil CLc1 slipped $1.30 to $44.92 and was last 80 cents lower at $45.42.

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 29 cents, or 0.68 percent, at $42.82 per barrel, at 0355 GMT, having at one point risen as high as 2 percent from the last close. They had slumped 6.7 percent in the previous session to $42.53 a barrel - the lowest since June 2017. Meanwhile Brent crude oil futures LCOc1 were down 11 cents or 0.22 percent at $50.36 a barrel, having skidded 6.2 percent in the previous session to $50.47 a barrel, the weakest since August 2017.

AN - “Based on available figures, we have around 26 million barrels of surplus ... compared to 340 million barrels in early 2017,” Al-Mazrouei told a press conference in Kuwait City.

AN - Rouhani gave the value of the draft budget at about 4,700 trillion rials for the next Iranian year which starts on March 21, 2019 He said US sanctions would affect Iranians’ lives and growth but not bring the government to its knees

REUTERS - International benchmark Brent crude LCOc1 futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. Prices climbed to as high as $54.66. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24.

REUTERS - Brent crude LCOc1 fell 77 cents to a low of $53.58 a barrel, its weakest since September 2017, before rallying to trade around $53.75, down 10.8 percent on the week, by 1055 GMT. U.S. light crude oil CLc1 was down 20 cents at $45.68, also on course for a decline of 10.8 percent for the week.

PLATTS - Saudi Arabia will require oil prices higher than $84/b to avoid running another deficit, analysts warned after the kingdom announced on Tuesday record government spending in its state budget for 2019.