OIL PRICES: ABOVE $46 AGAIN
NASDAQ wrote, oil prices were lower in Asia trade on Friday as traders brace for an increase in oil exports from Libya and Nigeria, and the increase in U.S oil product inventories weighs on prices.
On the New York Mercantile Exchange, light, sweet crude futures traded at $43.65 a barrel at 0301 GMT, down 26 cents in the Globex electronic session. Brent crude on London's ICE Futures exchange fell 25 cents to $46.34 a barrel.
Libya's state oil company also lifted curbs on sales from three ports on Wednesday, ANZ Bank said. Libya is now planning to resume exports from its Ras Lanuf port and a tanker is due to be loaded with 600,000 barrels of crude.
"Continued oil price weakness, tepid demand growth in key markets and weak financial results will force major Asian oil companies to continue to abide by tight cost-cutting measures, while seeking to improve operational efficiency and become more flexible," BMI Research said in a report.
It added that oil prices are expected to gradually recover over late 2016 and 2017, but noted that their forecast for Brent to average $45.5 per barrel in 2016 is still 15.1% lower than the average price in 2015.
At 0306 GMT, oil product futures were down.
Nymex reformulated gasoline blendstock for September--the benchmark gasoline contract--fell to 1.4298 cents a gallon from 1.4302 cents.
ICE gasoil for October changed hands at $412.75 a metric ton, down $2.75 from Thursday's settlement.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.