U.S. OIL INVENTORIES DOWN
BLOOMBERG - Oil extended gains from the highest close in more than three years as U.S. industry data signaled crude stockpiles dropped an eighth week.
Futures climbed as much as 0.9 percent in New York after rising 2.5 percent the previous two sessions. Inventories fell by 11.2 million barrels last week, the American Petroleum Institute was said to report on Tuesday. If the draw is replicated in Energy Information Administration data Wednesday, it will be the biggest decline for this time of the year since 1999.
Oil is continuing its advance after a second annual gain as the Organization of Petroleum Exporting Countries and its allies trim supply to drain a global glut. The OPEC-led group is facing the challenge of rising U.S. crude output, which is forecast by the EIA to expand above 10 million barrels a day as soon as next month and top 11 million in November 2019.
"There are signs of another good drop in stockpiles and the market seems to believe that we're going to see inventory tightening at a fairly decent rate," said Ric Spooner, a Sydney-based analyst at CMC Markets. "The positive trend remains in place."
West Texas Intermediate for February delivery rose as much as 57 cents to $63.53 a barrel on the New York Mercantile Exchange, and was at $63.43 at 7:52 a.m. in London. Total volume traded was about 16 percent above the 100-day average. Prices advanced $1.23 to $62.96 on Tuesday, the highest close since December 2014.
Brent for March settlement climbed as much as 44 cents, or 0.6 percent, to $69.26 a barrel on the London-based ICE Futures Europe exchange after advancing 1.5 percent on Tuesday to the highest since December 2014. The global benchmark crude was at a premium of $5.82 to March WTI.
U.S. crude inventories probably dropped by 3.75 million barrels last week, according to a Bloomberg survey before the EIA report. Stockpiles at Cushing, Oklahoma, the delivery point for WTI and the nation's biggest oil-storage hub, probably slid by 1.5 million barrels, an estimate compiled by Bloomberg shows.
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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.