Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.

Brent crude oil LCOc1 was up 60 cents a barrel at $47.23 by 1120 GMT (6:20 a.m. ET). U.S. light crude CLc1 was up 50 cents at $46.07.

Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut.

Pakistan's gasoline consumption rose 17.5% year on year to 4.385 million mt in fiscal 2015-16, while high speed diesel consumption rose 2.6% to 6.223 million mt and furnace oil sales fell 250,000 mt to 8 million mt.

Global benchmark Brent crude LCOc1 was down 39 cents at $46.56 a barrel at 0917 GMT. It closed Tuesday 5.7 percent higher on news that members of the Organization of the Petroleum Exporting Countries would renew efforts to limit production. U.S. crude CLc1 was 47 cents lower at $45.34 a barrel.

Light, sweet crude for December delivery settled down 9 cents, or 0.2%, at $43.32 a barrel on the New York Mercantile Exchange, the lowest settlement since Sept. 19. U.S. oil fell as low as $42.20 a barrel, the lowest intraday price since mid-August, before a rebound throughout the afternoon. Brent, the global benchmark, fell 32 cents, or 0.7%, to $44.43 a barrel, its lowest settlement since Aug. 10.

Средняя цена на нефть Urals за период мониторинга с 15 октября по 14 ноября 2016 года составила $44,98619 за баррель, или $328,4 за тонну.

Brent crude futures LCOc1 were down 2 cents on the day at $44.73 a barrel by 1005 GMT (5:05 a.m. ET), while NYMEX crude futures CLc1 were down 6 cents at $43.35 a barrel.

The Organization of Petroleum Exporting Countries increased its crude oil output by 240,000 b/d during October to average 33.64 million b/d.

The downturn produced a leaner, more efficient U.S. shale industry that was forced to develop and quickly adapt new technology to compete with conventional oil supplies during a two-year period of depressed prices.

ConocoPhillips plans conservative financial and operating programs in 2017, planning for a longer-than-expected $50/b oil world by reducing its capital budget 4%, growing production up to 2% and forging technologies to squeeze out the last smidgen of resource from existing assets.

International Brent crude oil futures LCOc1 were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $44.56 per barrel, weighed down by weakening U.S. demand.

Russian Energy Minister Alexander Novak said on Thursday global crude oil output could be frozen at November levels if the world's leading oil producers reach an agreement on Nov. 30.

At 3:30 pm Singapore time (0739 GMT), January ICE Brent crude futures were down 64 cents/b (1.39%) from Tuesday's settle at $45.40/b, while the NYMEX December light sweet crude contract fell 59 cents/b (1.31%) to $44.39/b.

EIA expects Brent crude oil prices will average close to $48/ barrel (b) in the fourth quarter of 2016 and in the first quarter of 2017. Forecast Brent prices average $43/b in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook, with NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggesting that a range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 at the 95% confidence level.