OIL PRICES: ABOUT $48
NASDAQ wrote, Crude oil futures continued to climb in early Asian trade Tuesday, as traders assessed the prospect of a supply cut following cooperation pledges from Saudi Arabia and Russia.
Light, sweet crude for October delivery rose 84 cents, or 1.9%, to $45.28 a barrel in the Globex electronic session. November Brent crude added six cents, or 0.1%, to $47.69 a barrel.
The news initially sent prices rising by as much as 5%, but futures pared their gains significantly before their close in New York. The two countries stopped short of outlining specific production cuts, and skepticism remains over whether any will be forthcoming, given a failure by major producers to strike deals on output cuts in recent years.
"Whether it's going to prove to be a toothless tiger or something with a little more force behind it remains to be seen" said Stuart Ive, a private client manager at OM Financial.
Saudi Arabia's willingness to join hands with Russia is further evidence of the trouble the biggest oil producer in OPEC is having in reaching any production agreements with Iran and other members of the group, Ive said.
"The Saudis were fed up with OPEC being the watchdogs of global prices ... and want more participation from non-OPEC members," he said.
Oil prices have spent most of the summer swinging between $40 and $50 a barrel, as a persistent oil glut continues to keep any big rally in check.
Nymex reformulated gasoline blendstock for October--the benchmark gasoline contract--rose 163 points to $1.3179 a gallon, while October diesel traded at $1.4295, 199 points higher.
ICE gasoil for September changed hands at $416.00 a metric ton, up $1.75 from Monday's settlement.
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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.