OIL PRICES: OVER $52
BLOOMBERG - Oil extended gains above $49 a barrel as U.S. government data showed an unexpected fall in crude stockpiles, the first decline this year.
Futures rose as much as 1.6 percent in New York after advancing 2.4 percent on Wednesday, snapping a seven-session decline. Crude stockpiles dropped by 237,000 barrels last week, according to an Energy Information Administration report. A Bloomberg survey had forecast a 10th weekly expansion. Iraq plans to increase output to 5 million barrels a day by the end of 2017, Oil Minister Jabbar Al-Luaibi said at a news conference in the southern city of Basra.
Oil last week broke below $50 a barrel for the first time since December as rising U.S. supply countered output reductions by members of the Organization of Petroleum Exporting Countries and other nations. While an OPEC report on Tuesday showed Saudi Arabia's production climbed back above 10 million barrels a day in February, it still remains below a ceiling set under the six-month cut deal that started on Jan. 1.
"Oil bulls will have breathed a collective sigh of relief yesterday as the stubborn climb of U.S. crude stockpiles into record territory came to an unexpected halt," said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London.
West Texas Intermediate for April delivery rose as much as 76 cents to $49.62 a barrel on the New York Mercantile Exchange and was at $49.41 at 10:08 a.m. in London. Total volume traded was in line with the 100-day average. Prices climbed $1.14 to close at $48.86 on Wednesday after falling almost 11 percent the previous seven sessions.
Brent for May settlement advanced as much as 84 cents, or 1.6 percent, to $52.65 a barrel on the London-based ICE Futures Europe exchange. Prices rose 89 cents to $51.81 on Wednesday. The global benchmark crude was at a premium of $2.48 to May WTI.
U.S. crude inventories fell from the highest level in more than three decades to 528.2 million barrels, the EIA said in a report on Wednesday. Oil production rose for a fourth week to 9.1 million barrels a day.
Iraq exported 3.87 million barrels a day from its southern and northern shipment hubs in February, Oil Ministry spokesman Asim Jihad said in an emailed statement.
China's in talks with Saudi Arabia for its sovereign wealth fund and largest energy company to invest in the initial public offering of the Middle East nation's state oil producer, according to people with knowledge of the matter.
Oil markets are still struggling to clear a surge in supply from OPEC at the end of last year, according to an International Energy Agency report on Wednesday.
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
|November, 15, 15:25:00|
|November, 15, 15:20:00|
|November, 15, 15:15:00|
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.
OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.
Financial results for 3Q 2017 and 9М 2017: - 9M 2017 revenue growth by 22.9% in RUB terms and by 43.7% in USD terms YoY - 9M 2017 EBITDA exceeded RUB 1 trln, growth by 10.6% YoY - 3Q 2017 EBITDA margin improvement - Successful timely close of strategic deals with potential breakthrough growth in shareholder value - Approval of the first interim dividend with 50% payout ratio of net income under IFRS
Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents.