OIL PRICES: ABOVE $46 AGAIN
NASDAQ wrote, oil prices were lower in Asia trade on Friday as traders brace for an increase in oil exports from Libya and Nigeria, and the increase in U.S oil product inventories weighs on prices.
On the New York Mercantile Exchange, light, sweet crude futures traded at $43.65 a barrel at 0301 GMT, down 26 cents in the Globex electronic session. Brent crude on London's ICE Futures exchange fell 25 cents to $46.34 a barrel.
Libya's state oil company also lifted curbs on sales from three ports on Wednesday, ANZ Bank said. Libya is now planning to resume exports from its Ras Lanuf port and a tanker is due to be loaded with 600,000 barrels of crude.
"Continued oil price weakness, tepid demand growth in key markets and weak financial results will force major Asian oil companies to continue to abide by tight cost-cutting measures, while seeking to improve operational efficiency and become more flexible," BMI Research said in a report.
It added that oil prices are expected to gradually recover over late 2016 and 2017, but noted that their forecast for Brent to average $45.5 per barrel in 2016 is still 15.1% lower than the average price in 2015.
At 0306 GMT, oil product futures were down.
Nymex reformulated gasoline blendstock for September--the benchmark gasoline contract--fell to 1.4298 cents a gallon from 1.4302 cents.
ICE gasoil for October changed hands at $412.75 a metric ton, down $2.75 from Thursday's settlement.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.