U.S. FRB - Industrial production rose 0.4 percent in August for its third consecutive monthly increase. Manufacturing output moved up 0.2 percent on the strength of a 4.0 percent rise for motor vehicles and parts; motor vehicle assemblies jumped to an annual rate of 11.5 million units, the strongest reading since April. Excluding the gain in motor vehicles and parts, factory output was unchanged.

BAKER HUGHES A GE - U.S. Rig Count is up 7 rigs from last week to 1,055, with oil rigs up 7 to 867, gas rigs unchanged at 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 22 rigs from last week to 226, with oil rigs up 15 to 148 and gas rigs up 7 to 78.

REUTERS - Brent crude was up 3 cents at $78.21 a barrel by 0634 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13. U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.

IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.

PLATTS - In a meeting with Russian Energy Minister Alexander Novak in Moscow, US Energy Secretary Rick Perry reiterated US opposition to the expansion of the Nord Stream pipeline from Russia, claiming it would hurt European allies and distort energy markets.

REUTERS - U.S. shale producers are locking in prices for their production as much as three years into the future in a sign that strong domestic crude pricing is nearing a peak, according to market sources familiar with money flows.

IMF - Russia’s economy is recovering from the 2015–16 recession, thanks to the authorities’ effective policy response and higher oil prices. Output increased by 1.5 percent in 2017 on the back of robust domestic demand, but short of expectations. Inflation has fallen well below the CBR's 4 percent target since July 2017, driven by a weaker-than-expected recovery, tight monetary policy, as well as temporary effects on food and energy prices.

ROSNEFT - Rosneft and the Chinese National Oil and Gas Corporation (CNPC) signed the Agreement on Cooperation in Exploration and Production in the Russian Federation in the framework of the IV Eastern Economic Forum.

ROSNEFT - Under the Agreement the parties plan to build over 160 CNG stations in Russia and the possibility of using LNG as natural gas motor fuel is being discussed.

REUTERS - Benchmark Brent crude oil LCOc1 was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude CLc1 fell $1.15 to a low of $69.22 a barrel.