So the $9.1bn stumped up by CEFC China Energy this month for a 14.16 per cent stake in Russian oil producer Rosneft was a welcome surprise for those keen for China to become a big investor in Russia.

Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.

U.S. Rig Count is up 424 rigs from last year's count of 511, with oil rigs up 326, gas rigs up 98, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 82 rigs from last year's count of 138, with oil rigs up 45 and gas rigs up 37.

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia’s position as China’s largest oil supplier in a close race with Saudi Arabia.

Second-quarter 2017 financial statements for 55 U.S. oil companies indicate that aggregate liquids production grew year over year for the first time since the fourth quarter of 2015. Cash flow from operating activities also increased year over year, the third consecutive quarter of year-over-year growth, reaching the highest level in nearly two years.

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

The October light, sweet crude contract on the New York Mercantile Exchange gained 2¢ to settle at $49.91/bbl on Sept. 18. The November contract dropped 9¢ to settle at $50.35/bbl. The NYMEX natural gas price for October rose 12¢ to $3.14/MMbtu. The Henry Hub cash gas price climbed by 11¢ to $3.10/MMbtu. Heating oil for October fell nearly 2¢ to a rounded $1.78/gal. The NYMEX reformulated gasoline blendstock for October was up less than 1¢ to $1.67/gal on Sept. 18. The Brent crude contract for November on London’s ICE fell 14¢ to $55.48/bbl. The December contract declined 17¢ to $55.25/bbl. The gas oil contract for October was $525/tonne, down $9.75. OPEC’s basket of crudes for Sept. 18 was $53.78/bbl, up 14¢.

Crude oil output from the seven major US onshore producing regions is forecast to increase 79,000 b/d month-over-month in October to 6.083 million b/d. Natural gas production from the seven regions is expected to climb 788 MMcfd month-over-month in October to 59.745 bcfd.