OIL PRICE: ABOVE $57
REUTERS, BLOOMBERG, OILPRICE - Oil prices were mixed on Friday, but both Brent and U.S. crude were set to chalk up another weekly gain as investors bet that efforts to cut a global glut are working and that the demand outlook is improving.
U.S. crude CLc1 was down 8 cents at $51.48 a barrel at 0641 GMT, after earlier rising slightly. Still, the contract is heading for a fourth consecutively weekly gain and is on track for a 9 percent advance this month.
Brent LCOc1 rose 1 cent to $57.42 a barrel, heading for a fifth weekly climb and a nearly 10 percent gain for September.
The price gains, most of them in the last two-and-a-half weeks, have come as traders anticipated renewed demand from U.S. refiners that were resuming operations after shutdowns due to Hurricane Harvey.
Major world oil producers outside the United States have also indicated they will stick with output cuts to limit supply.
They are getting support from Turkey's threats to cut off a pipeline from the Kurdish region of Iraq after a referendum where Kurds voted overwhelmingly in favor of independence.
"(There is) an increasingly positive view from the supply side, with potential Kurdish production disruption, and a plethora of energy agencies suggesting global demand is increasing," said Jeffrey Halley, senior market analyst at OANDA in Singapore.
"The technical picture still looks positive for both contracts with the consolidation and gentle pull-backs thus far suggesting oil is pausing for breath at these levels," he said.
Turkish President Tayyip Erdogan said this week he could use force to prevent the formation of an independent Kurdish state and might close the oil "tap".
The Kurdish region exports about 500,000 barrels a day through a pipeline that runs through Turkey to the Mediterranean Sea.
Turkey promised on Thursday to deal only with the Iraqi government on crude, the office of Iraqi Prime Minister Haider al-Abadi said.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.