OIL PRICE UP TO $50.51
According to REUTERS, oil prices rose for a third day to their highest in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in U.S. crude inventories, worries about attacks on Nigeria's oil industry and strong Chinese demand.
London Brent crude for August delivery was up 9 cents at $51.53 a barrel by 0451 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.55, the highest since Oct. 12.
NYMEX crude for July delivery was up 17 cents at $50.53 a barrel, after touching $50.58 earlier, the strongest since Oct. 9.
U.S. commercial crude inventories fell by 3.6 million barrels last week, data from industry group the American Petroleum Institute showed on Tuesday after the market settlement, compared with expectations for a 2.7 million barrel.
The market inched higher after Chinese trade data showed that its exports fell more than expected in May, but imports beat forecasts, adding to hopes that the economy of the world's second-largest oil user may be stabilising. Its crude imports last month jumped 38.7 percent from a year ago.
Still, some concerns about global oil demand remain. The World Bank slashed its 2016 global growth forecast on Wednesday to 2.4 percent due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.