OIL PRICES: ABOVE $55
REUTERS - Oil prices rose on Tuesday on forecasts of a steep draw in U.S. crude stocks that could indicate global oversupply is starting to shrink.
Benchmark Brent crude oil futures LCOc1 were trading up 56 cents, or 1 percent, at $55.48 a barrel at 1329 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 29 cents at $52.41 a barrel, not far off a one-week high of $52.52.
Analysts polled by Reuters expected weekly U.S. crude oil inventories to show a draw of 2.4 million barrels in the week to Dec. 16.
Stocks fell more than expected in data published last week, lifting expectations for another large drop in this week's data.
A deal to cut global supply among OPEC and non-OPEC producers struck this month has boosted oil prices to 17-month highs. The gains have set up 2016 to be the first year since 2012 in which Brent has risen.
Russian Energy Minister Alexander Novak told Russian newspaper Vedomosti that Russia may extend a production cut beyond the first half of 2017 if needed.
"We are in a wait-and-see mood after OPEC newsflow caused much volatility," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg. "The new balance seems to be between $53 and $57 a barrel on Brent for the next weeks."
Asia is seen posting its biggest net additions to refining capacity in three years in 2017, further boosting demand for crude in the world's largest and fastest-growing oil-consuming region.
The increase amounts to roughly an additional 1.5 percent of refining capacity on top of Asia's total installed capacity of nearly 29 million barrels per day.
Still, traders see no outright supply shortage for Asian refineries, as the Organization of the Petroleum Exporting Countries is shielding most of its Asian customers from the planned cuts.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.