OIL PRICE: ABOVE $63
Benchmark Brent crude oil LCOc1 was unchanged at $63.49 a barrel by 0840 GMT. On Tuesday, Brent reached an intra-day high of $64.65, its highest since June 2015.
U.S. light crude CLc1 was steady at $56.81, not too far off this week's more than two-year high of $57.69 a barrel.
Traders said a rally that has pushed up Brent by more than 40 percent since July may have run its course due to increases in U.S. supplies and some indicators of a demand slowdown.
"Prices may have reached a short-term peak," said Fawad Razaqzada, analyst at futures brokerage Forex.com.
Prices are still supported by efforts led by the Organization of the Petroleum Exporting Countries and Russia to withhold supplies in order to tighten the market and prop up prices.
OPEC will discuss output during a meeting on Nov. 30, and is expected to extend the limits beyond their expiry in March 2018.
"With the OPEC/non-OPEC deal extension beyond March 2018 a certainty, prices may become stronger and temporarily reach the $65-$70 per barrel range in 2018," said energy consultancy FGE.
Despite this, many analysts say the price rally of the past months may have run its course, at least for now.
U.S. crude stockpiles rose 2.2 million barrels in the week to Nov. 3, to 457.14 million barrels, the Energy Information Administration said on Wednesday, contrary to analysts' expectations for a decrease of 2.9 million barrels.
U.S. crude production inched up 67,000 barrels per day (bpd) to 9.62 million bpd, the highest on record.
Output looks set to rise further. Texas issued 997 oil and gas drilling permits last month, up nearly 17 percent versus the same month a year ago, the state's energy regulator said on Wednesday.
Global fuel consumption remains strong, although the latest figures from top importer China were below expectations.
Key for the last weeks of 2017 is whether traders remain confident about their huge bets on further price rises, or if they sell out, satisfied with recent strong gains.
"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves," said Greg McKenna, chief market strategist at brokerage AxiTrader.
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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.