The concentration of imbalances among a few large countries presents a risk to the global economy. It increases vulnerabilities—and even raises the risk of market disruptions.

In terms of regulation and policy for the upstream oil and gas industry, much of the EU legislation and directives were either based on established UK customs and practices or are already enshrined in UK law. Although it will take some considerable time to untangle the complex regulatory and policy frameworks, the impact for the oil and gas industry is likely to be modest. In terms of the UK oil and gas tax system, little is expected to change as a result of Brexit as the EU has no remit over the UK’s fiscal regime for the industry.

TESCO reported a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, for the fourth quarter ended December 31, 2016. Adjusted net loss for the quarter was $13.3 million, or $(0.28) per share, excluding special items, consisting primarily of several charges related to receivables and restructuring costs. This compares to a U.S. GAAP net loss of $22.1 million, or $(0.48) per diluted share in the third quarter of 2016, and a U.S. GAAP net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter of 2015. Adjusted net loss in the third quarter of 2016 was $17.3 million, or $(0.37) per diluted share, and in the fourth quarter of 2015 was $13.4 million, or $(0.33) per diluted share.

U.S. West Texas Intermediate crude (WTI) CLc1 was down 7 cents at $48.33 a barrel, as of 0716 GMT. The contract ended down 9 cents in the previous session after touching its lowest since the end of November at $47.90. Brent crude futures LCOc1 gained 3 cents to $51.32 a barrel, having settled down 2 cents on Monday after dipping as low as $50.85.

Compliance of the Organisation of the Petroleum Exporting Countries (OPEC) with an oil output cut exceeded a target, standing at 140% in February.

U.S. Rig Count is up 288 rigs from last year's count of 480, with oil rigs up 231, gas rigs up 57, and miscellaneous rigs unchanged. Canadian Rig Count is up 217 rigs from last year's count of 98, with oil rigs up 152 and gas rigs up 65.

Brent crude oil was up 15 cents at $52.34 a barrel by 0900 GMT, after falling 1.7 percent on Thursday and 5 percent the day before in its biggest percentage decline in a year. U.S. crude oil was up 15 cents at $49.43 a barrel. It fell below $50 on Thursday for the first since December. U.S. crude is on track for a drop of more than 7 percent this week, its biggest weekly fall for five months.

EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to average about $1/b less than Brent prices in the forecast. NYMEX contract values for May 2017 delivery traded during the five-day period ending March 2 suggest that a range of $46/b to $63/b encompasses the market expectation for WTI prices in May 2017 at the 95% confidence level.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $48.5 billion in January, up $4.2 billion from $44.3 billion in December, revised. January exports were $192.1 billion, $1.1 billion more than December exports. January imports were $240.6 billion, $5.3 billion more than December imports.

Brent crude futures dropped 47 cents, or 0.8 percent, to $55.43 a barrel as of 0749 GMT after settling 1.5 percent higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures fell 47 cents, or 0.9 percent, to $52.86 a barrel after closing the previous session up 1.4 percent.

Myanmar, one of the oldest oil and gas industries in the region and a country which exported its first crude oil centuries ago, is again emerging as a bright spot for overseas investors after sanctions, which were imposed on the country during a long period of military rule and political unrest, were lifted in 2012.

U.S. Rig Count is up 267 rigs from last year's count of 489, with oil rigs up 217, gas rigs up 49, and miscellaneous rigs up 1. Canadian Rig Count is up 206 rigs from last year's count of 129, with oil rigs up 147 and gas rigs up 59.

Oil closed at the lowest level in more than three weeks as record U.S. crude inventories were seen jeopardizing OPEC’s efforts to drain a global surplus.

In the fourth quarter of 2016, Eni reported an adjusted operating profit of €1.29 billion, up by 103% or €0.65 billion quarter-on-quarter, reversing the negative trend of the previous quarters, thanks to doubling in the E&P operating performance to €1.4 billion (up by €0.8 billion).

Benchmark Brent crude oil was down 50 cents a barrel at $55.86 by 1125 GMT. U.S. light crude was 50 cents lower at $53.33.