OIL PRICE: NEAR $75
REUTERS - Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.
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.
Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week.
"Crude oil prices fell as fears of supply disruptions eased. News that Libya's state oil producer had restarted output from a major oil field ignited the selloff earlier in the week," ANZ Bank said in a note.
The market focus shifted toward possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike.
"There are mixed supply signals and I think the (Brent) price is likely to be in the low-to-mid $70s range," said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.
"A summit between U.S. President Trump and Russian President Putin is also being watched in case they say something about oil," Kim said.
U.S. President Donald Trump and Russian President Vladimir Putin are set to hold their first stand-alone meeting in Helsinki on Monday. Trump has been vocal about his dissatisfaction with higher oil prices, asking OPEC to lower prices.
Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA, said U.S.-China trade tensions "should subside this week and could be a possible plus for oil prices," but a possible sale of U.S. oil reserves would hurt prices.
"With the Trump administration actively considering tapping into the nation's Strategic Petroleum Reserve, it could weigh negatively," Innes said.
The United States holds a reserve of about 660 million barrels, and the Trump administration was considering drawing on the country's oil reserve, which would increase supply, according to a Bloomberg report.
Meanwhile, the number of rigs drilling in the United States was unchanged at 863 in the week to July 13 as the rate of the growth slowed amid a fall in crude prices.
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U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.