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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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.