OIL PRICE: STILL ABOVE $57
Brent crude futures were at $57.87 at 0622 GMT, up 12 cents, or 0.21 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was at $52.04 per barrel, up 20 cents, or 0.39 percent.
"Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices," said William O'Loughlin, analyst at Rivkin Securities.
"U.S. production was also recently impacted by a hurricane for the second time in as many months and the number of U.S. drilling rigs declined for the third week in a row," O'Loughlin said.
The amount of U.S. oil rigs drilling for new production fell by seven to 736 in the week to Oct. 20, the lowest level since June, energy services firm Baker Hughes said on Friday.
With the U.S. tightening, flows from Iraq reduced due to fighting between government forces and Kurdish groups, and production still being withheld as part of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to tighten the market, much will depend on demand going forward.
In Asia, growth remains strong especially in China and India, the world's number one and three importers.
China's oil demand remains voracious, hitting a January to September average of 8.5 million barrels per day (bpd).
"Three main factors are driving China's insatiable appetite for crude: declining domestic production, increased access to imports and exports for independent refiners, and building up the strategic petroleum reserve," Britain's Barclays bank said.
India's fuel thirst is also increasing. India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand.
The country's September imports stood 4.2 percent above this time last year and about 19 percent more than in August, ship-tracking data from industry sources and Thomson Reuters Analytics showed.
Given the tightening oil market conditions, many analysts expect prices to rise further.
"We will see oil prices higher by 10 percent by the end of the year. We have started to accumulate strong positions within the oil sector," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.
Despite the tightening market and recent price rises, market volatility has been low.
The crude oil volatility index, which measures market expectations for 30-day price volatility, fell to levels similar of 2014 last Friday.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.