OIL PRICE: NOT ABOVE $64 YET
A statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement.
Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.
"The largest concern for investors currently remains the rise in the U.S. rig count, which could potentially jeopardize the OPEC and Russian agreement when they meet for a review in June 2018," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.
The number of rigs drilling for new oil output in the United States rose by two in the week to Dec.8, to 751, the highest level since September, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday.
A higher rig count points to a further rise in U.S. crude production C-OUT-T-EIA, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).
That's the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.
Rising U.S. output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.
OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.
Kuwait's oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier.
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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.