REUTERS - Further complicating the situation, S&P Global Ratings declared Venezuela in selective default after it failed to make coupon payments on bonds due in 2019 and 2024 within a 30-day grace period. The agency warned there was a strong chance it would miss further payments within three months.

API welcomed legislation that would allow for safe and responsible natural gas and oil development in a small non-wilderness portion of Alaska’s Arctic National Wildlife Refuge (ANWR). The legislation was released by the Senate Energy and Natural Resources Committee to be included as part of the budget reconciliation bill.

EIA - Crude oil production from the major US onshore regions is forecast to increase 80,000 b/d month-over-month in December to 6.174 million b/d, gas production to increase 779 million cubic feet/day.

Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents.

The price of OPEC basket of fourteen crudes stood at $61.72 a barrel on Thursday, compared with $61.61 the previous day, according to OPEC Secretariat calculations.

Vietnam’s state television said Chinese President Xi Jinping had told Vietnam’s General Secretary Nguyen Phu Trong he wanted to work with Southeast Asian nations on a code of conduct in the sea. China’s Xinhua news agency said China and Vietnam had agreed to properly handle maritime issues and strive to maintain peace and stability.

Output is expected to slump to 1.84 million barrels a day next year, the lowest compared with official government data since 1989.

The world’s biggest oil explorer by market value recently finished four wells in North Dakota’s Bakken region that extend sideways for 3 miles (4.8 kilometers), Barclays Plc analyst Paul Cheng said in a research note after meeting Exxon executives, and it’s closing in on the 4-mile mark.

TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for third quarter 2017 of $612 million or $0.70 per share compared to a net loss of $135 million or $0.17 per share for the same period in 2016. Comparable earnings for third quarter 2017 were $614 million or $0.70 per share compared to $622 million or $0.78 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending December 31, 2017, equivalent to $2.50 per common share on an annualized basis.

Benchmark Brent crude oil LCOc1 was unchanged at $63.49 a barrel by 0840 GMT. On Tuesday, Brent reached an intra-day high of $64.65, its highest since June 2015. U.S. light crude CLc1 was steady at $56.81, not too far off this week’s more than two-year high of $57.69 a barrel.

Within the grouping of Developing countries, India and China are the two nations with the largest additional energy demand over the forecast period, both in the range of 22–23 mboe/d.

North Sea Brent crude oil spot prices averaged $58 per barrel (b) in October, an increase of $1/b from the average in September. EIA forecasts Brent spot prices to average $53/b in 2017 and $56/b in 2018.

Brent crude futures LCOc1 were up 5 cents at $64.32 per barrel by 0750 GMT. On Monday, they closed 3.5 percent higher, also their biggest percentage gain in about six weeks. U.S. West Texas Intermediate (WTI) crude CLc1 was down just 3 cents at $57.32 a barrel. The contract surged 3 percent on Monday, the biggest percentage gain since late September. Both benchmarks hit their highest since mid-2015 during the session.

West Texas Intermediate for December delivery rose 23 cents to $55.87 a barrel at 10:04 a.m. on the New York Mercantile Exchange after earlier rising to $56.28, the highest intraday price since July 2015. Brent for January settlement climbed 46 cents to $62.53 on the London-based ICE Futures Europe exchange, and traded at a $6.41 premium to WTI for the same month.

Barclays raised its Brent oil price forecast, saying Brent will average $60/bbl during the fourth quarter and will average $55/bbl in 2018. The average 2018 forecast was up $3 compared with Barclays earlier forecast.