AUSTRALIAN OIL UP
FT - Australian oil producers were climbing on Wednesday following a lift in the price of oil overnight spurred by hopes that production cuts could be extended.
The S&P/ASX 200 Energy index added 0.7 per cent, with Beach Energy – the recent buyer of Origin Energy's conventional oil and gas business assets – up 2.8 per cent, Origin up 1.1 per cent and Caltex Australia up 1 per cent.
The broader ASX/S&P 200 index was just 0.1 per cent higher.
Oil prices rose on Tuesday amid fresh speculation that Opec-led production cuts might be extended, with international benchmark Brent settling at $58.33 a barrel, up 1.7 per cent on the day.
Brent inched further up in the morning session in Asia on Wednesday, climbing 0.1 per cent to $58.40 a barrel while the key US marker, West Texas Intermediate, was off 0.1 per cent at $52.43.
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U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
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WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.