OIL PRICE: NEAR $74 AGAIN

REUTERS - Oil prices rose for a second day on Wednesday after industry group data showed U.S. crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions.

Brent crude was up 54 cents, or 0.7 percent, at $73.98 a barrel by 0318 GMT. The global benchmark settled 38 cents higher at $73.44 a barrel on Tuesday, after climbing to as high as $74.

U.S. West Texas Intermediate rose 24 cents, or 0.4 percent, to $68.76, having settled the previous session up 63 cents, or nearly 1 percent.

U.S. crude and fuel stockpiles dropped more than expected last week, industry group the American Petroleum Institute (API) said on Tuesday. Reports that China will increase infrastructure spending also helped reduce concerns that U.S.-China trade tensions will dent the country's demand for oil.

"Prices are moving higher after the API reported a more massive draw than analysts had expected," said Stephen Innes, Head of Trading, APAC at brokerage OANDA.

U.S. crude inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 808,000 barrels, the API said. Refinery crude runs declined by 60,000 barrels per day.

Gasoline stocks fell by 4.9 million barrels, compared with analyst expectations in a Reuters poll for a 713,000-barrel drop.

Distillate fuels stockpiles, which include diesel and heating oil, fell by 1.3 million barrels, compared with expectations for a 207,000-barrel gain, the API data showed.

U.S. crude imports last week eased by 249,000 barrels per day to 8.3 million bpd.

Official figures from the U.S. Department of Energy's Energy Information Administration are due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

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Earlier: 

2018, July, 23, 13:55:00 OIL PRICE: NEAR $74 REUTERS - Brent crude oil LCOc1 rose $1.19 a barrel to a high of $74.26 before easing to around $74.05 by 1030 GMT. U.S. light crude CLc1 was up 70 cents at $68.96 a barrel.

2018, July, 23, 13:50:00 ЦЕНА URALS: $ 73,53905 МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 июня по 14 июля 2018 года составила $ 73,53905 за баррель, или $ 536,8 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 августа 2018 года понизится на $ 3,7 и составит $ 135,4 за тонну.

2018, July, 16, 11:05:00 OIL PRICE: NEAR $75 REUTERS - Brent crude futures were down 66 cents, or 0.9 percent, at $74.67 a barrel at 0645 GMT. U.S. West Texas Intermediate (WTI) crude was down 57 cents, or 0.8 percent, at $70.43 a barrel.

2018, July, 16, 11:00:00 IEA: OIL SUPPLY ISSUES IEA - The re-emergence of Libya as a risk factor in global supply follows a series of attacks on key infrastructure that saw production plummet to around 500 kb/d in July from close to the 1 mb/d level seen for about a year.

2018, July, 16, 10:55:00 SAUDI ARABIA - IRAN RESOLUTION PLATTS - "The shift from reporting individual country conformity to reporting overall conformity will be adopted to reflect the June 23 decision of the 4th OPEC and non-OPEC Ministerial Meeting that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of July 2018," Saudi energy minister Khalid al-Falih wrote to his counterparts Thursday in a letter.

2018, July, 16, 10:30:00 LIBYA'S OIL DOWN 160 TBD REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said

2018, July, 12, 10:55:00 OIL PRICE: ABOVE $74 REUTERS - Brent crude LCOc1 rose $1.23, or 1.7 percent, to $74.63 a barrel by 0544 GMT after slumping 6.9 percent on Wednesday. U.S. West Texas Intermediate (WTI) CLc1 added 46 cents, or 0.7 percent, to $70.84 a barrel, after falling 5 percent the previous session.