AUSTRALIAN OIL UP
FT - Australian oil producers were climbing on Wednesday following a lift in the price of oil overnight spurred by hopes that production cuts could be extended.
The S&P/ASX 200 Energy index added 0.7 per cent, with Beach Energy – the recent buyer of Origin Energy's conventional oil and gas business assets – up 2.8 per cent, Origin up 1.1 per cent and Caltex Australia up 1 per cent.
The broader ASX/S&P 200 index was just 0.1 per cent higher.
Oil prices rose on Tuesday amid fresh speculation that Opec-led production cuts might be extended, with international benchmark Brent settling at $58.33 a barrel, up 1.7 per cent on the day.
Brent inched further up in the morning session in Asia on Wednesday, climbing 0.1 per cent to $58.40 a barrel while the key US marker, West Texas Intermediate, was off 0.1 per cent at $52.43.
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ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.
BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.
REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.
BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.