OIL PRICES UP TO $49.11
May 25 Oil futures rose on Wednesday after U.S. industry data suggested a larger-than-expected drawdown in crude inventories last week, although a stronger U.S. dollar curbed gains.
Oil prices were also supported by an overnight surge in U.S. equities and strong U.S. home sales that could point to the U.S. Federal Reserve raising interest rates as early as June.
U.S. crude futures had climbed 56 cents to $49.18 a barrel as of 0042 GMT after ending the previous session up 54 cents.
Brent futures rose 50 cents to $49.11 a barrel, having closed 26 cents up previously to snap a four-day slide.
U.S. crude stocks dropped by 5.1 million barrels to 536.8 million last week, data from industry group the American Petroleum Institute showed on Tuesday. That was double expectations of analysts polled by Reuters.
Gasoline stocks climbed by 3.6 million barrels, while inventories of distillate fuels, including diesel and heating oil, fell by 2.9 million barrels, the API data showed.
Investors are awaiting confirmation of the big draw when the U.S. Energy Information Administration (EIA) issues official inventory figures on Wednesday.
"U.S. government data are expected to show that oil inventories have retreated from an eight-decade high, putting further upward pressure on prices," ANZ said in a note.
That came as some crude producers restarted operations on Tuesday in Canada's energy heartland, where wildfires have knocked out up to around 1.5 million barrels per day (bpd) of shale production.
Almost all of the oil from the tar sands production is shipped to the United States, said New York-based energy consultant Poten.
Oil prices were buoyed by a rise in U.S. stocks, with the Dow Jones industrial average, the S&P 500 and the Nasdaq composite all closing up.
Oil prices shrugged off the impact from a strong U.S. dollar which hovered close to a 10-week high against the euro in Asian trade on Wednesday, while the dollar index was also up against a basket of major currencies.
A strong dollar typically makes greenback-denominated oil more expensive for holders of other currencies.
Iraq is pumping about 4.5 million bpd now and is aiming to boost that to 5.5 million to 6 million bpd by 2020, Falah Alamri, head of Iraq's State Oil Marketing Organisation (SOMO) said at an Iraq oil conference on Tuesday.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.