OIL PRICE: ABOVE $62
REUTERS, BLOOMBERG - Oil prices rose on Friday but were still on track for a week of losses due to concerns about oversupply, as signs of rising U.S. output were compounded by doubts that Russia would support an OPEC deal to extend curbs on production.
Benchmark Brent crude oil LCOc1 was up 66 cents at $62.04 a barrel by 1400 GMT, recovering some ground after five sessions of losses.
U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.08, 94 cents up on the day.
"An end-of-week rebound is helping the energy complex claw back some of its recent losses though both crude markers are still on track for their first weekly decline in six," oil brokerage PVM said on Friday.
A 5,000-barrel oil leak in South Dakota - that led TransCanada Corp (TRP.TO) to shut part of its Keystone pipeline system on Thursday - added to the bullish tone, PVM said.
But prices were still on track to fall between 2 and 3 percent since the end of last week, as fears of oversupply in the United States weighed.
Crude oil production in the U.S. hit a record of 9.65 million barrels per day (bpd) this month, meaning U.S. output has risen by almost 15 percent since mid-2016.
The International Energy Agency said on Thursday that the United States would account for 80 percent of the global increase in oil production over the next 10 years.
"Let's assume that U.S. oil production continues its upward trajectory. They could very well be at 10 million bpd by the end of 2017," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.
Signs this week of rising output in the United States have dampened the impact of a deal restricting output agreed by the Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers.
Its curbs on oil output had propped up prices, taking Brent above $64 last week to highs not seen since 2015.
"Upside potential is being capped by oversupply concerns fueled by the surge in U.S. crude production," PVM said.
The agreement expires in March and was expected to be extended at OPEC's next meeting on Nov. 30. But signs that Russian support for the deal may be wavering have injected uncertainty and undermined the recent rally.
U.S. investment bank Jefferies said Russian backing for formalizing an extension appeared "questionable, even if only to defer the decision" to the first quarter of 2018.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.