OIL PRICES RISE
Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.
Japan's economy, the world's third largest, expanded at an annualised rate of 2.4 percent in the first three months of this year, more than a median market forecast for a 1.5 percent increase and following a revised 1.1 percent expansion in October-December, data from the Cabinet Office showed.
In Australia, an important commodity employer and exporter, consumer sentiment surged in May as people's outlook on the economy brightened following this month's interest rate cut and after the government unveiled a budget that included a surprise tax break for small businesses.
Brent futures were up 57 cents at $64.59 a barrel by 0215 GMT, and U.S. crude prices were also up 57 cents at $58.56 a barrel.
The price rises came after a session on Tuesday that saw oil slide over 3 percent on a dollar rally and concerns of a building glut, which Goldman Sachs said would lead to a return of 2015 lows.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.