OIL PRICE: ABOVE $53

REUTERS , BLOOMBERG ,  OILPRICE - Oil prices rose on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey.

Brent LCOc1 had gained 51 cents to $53.89 a barrel by 1356 GMT. U.S. West Texas Intermediate (WTI) crude futures Clc1 were up 45 cents at $49.54 a barrel.

"Prices are extending the momentum seen in the last few days due to a number of U.S. refineries restarting after Harvey," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas.

"There were concerns over a big drop in crude demand but with refinery restarts or announcements of them ... we see that their infrastructure has been mostly preserved," he said.

Many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are restarting.

On Tuesday, about 3.8 million barrels per day (bpd) of refining capacity, or 20 percent of the U.S. total, was shut. This compares with 4.2 million bpd at the height of the storm.

But traders remained wary of Hurricane Irma, rated the most powerful Category 5 storm and heading toward the Caribbean and Florida, raising concerns that it could knock out other refineries and cause more fuel shortages.

Around 250,000 bpd of refining capacity in the Dominican Republic and Cuba lies in the immediate path of Irma, Thomson Reuters Eikon data showed.

Fuel storage data on Wednesday from the American Petroleum Institute and on Thursday from the Energy Information Administration is expected to give a better view of the extent of Harvey's impact on U.S. fuel inventories. But analysts say it will take a few weeks more to get a complete picture.

There is also another tropical storm on Irma's heels in the Atlantic, and another one active in the Gulf of Mexico.

Longer-term, the oil industry outlook is for ample supplies and low prices as crude output remains high in the three biggest producing regions: Russia, the Middle East and North America.

Adding to the longer term bearishness, some Libyan production returned. The 280,000 bpd Sharara oilfield, the country's largest, was gradually restarting on Wednesday after the lifting of a pipeline blockade, Libyan oil sources said.

Russian Energy Minister Alexander Novak said on Wednesday he expected the 2018 Brent price be $45 to $55 a barrel. Kuwaiti oil minister Essam al-Marzouq forecast Brent would hover between $50 and $55 until the end of 2017.

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Earlier:

September, 4, 12:40:00 OIL PRICE: NOT BELOW $ 52 Brent crude futures LCOc1, the international benchmark for oil prices, had fallen by almost 1 percent from their last close, or 41 cents, to $52.34 per barrel by 0655 GMT. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.30 barrel, close to their last settlement. Русский | English

September, 4, 12:25:00 NIGERIA'S OIL PRODUCTION: 2.2 MBD The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark. English

August, 31, 12:30:00 OIL PRICE: NOT ABOVE $51 The October light, sweet crude contract on NYMEX fell 13¢ on Aug. 29 to settle at $46.44/bbl while the November contract was up 4¢ to settle at $47/bbl. The NYMEX natural gas price for September gained 3.6¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price was $2.88/MMbtu, down 4¢. The Brent crude contract for October on London’s ICE was up 11¢ to $52/bbl. The November contract gained 24¢ to $51.66/bbl. The September gas oil contract was $484.50/tonne on Aug. 29, up 25¢. The Organization of Petroleum Exporting Countries’ basket of crudes on Aug. 29 was $49.51/bbl, down 35¢. Русский | English

August, 31, 12:25:00 SAUDIS - RUSSIA OIL DEAL Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said. English

August, 24, 14:20:00 OIL MARKET IS RIGHT As of July 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 94 per cent. This is a demonstration of the commitment of participating producing countries to continue their cooperation towards the rebalancing of the market. The JMMC expressed great satisfaction with the results and steady progress made towards full conformity of the production adjustments, and encouraged all participating countries to achieve full conformity, for the benefit of producers and consumers alike. The JMMC also welcomed the participation of the UAE at the recent JTC meeting, where the UAE reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation. English

August, 14, 14:35:00 OIL PRICES: $51 - $52 North Sea Brent crude oil spot prices averaged $48 per barrel (b) in July, $2/b higher than the June average and almost $4/b higher than in July 2016. EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018. English

July, 31, 14:35:00 НЕФТЬ: БОЛЬШЕ ИНВЕСТИЦИЙ «Ранее мы видели, что на 1 триллион долларов сократились инвестиции в период с 2014-го по 2016 годы включительно, в 2017 году этот тренд пошел уже на увеличение инвестиций в нефтяном секторе. Мы видим также, что снизилась волатильность на рынке, и можно сказать о том, что цена в первом полугодии 2017 года нефти марки Brent была на 30% выше первого полугодия 2016 года. И это стало существенным фактором, который способствовал, в том числе и росту доходов бюджета, улучшению торгового баланса экономики», - рассказал глава российского Минэнерго. Русский