Crude up slightly in early Asian trade, Russia mulls oil talks By Reuters | Tue, 6th October 2015 - 01:31
TOKYO (Reuters) - Crude oil prices rose in early Asia trade, adding to gains in the previous session, after Russia signalled it was willing to meet with other big oil producers to discuss the market following the decline in prices in the last quarter.
But gains were limited with investors awaiting U.S. government data on crude inventories this week. Some analysts are predicting the data will show further builds in crude stocks, putting oil prices under renewed pressure.
A Reuters poll on Monday indicates U.S. crude stockpiles were up last week for a second straight week, gaining 1.8 million barrels on average in the week to Oct. 2.
The U.S. Energy Information Administration, which reports official storage data on Wednesday, said last week that inventories were up about 4 million barrels in the week to Sept. 25.
Brent crude, the global crude benchmark, was up 12 cents at $49.37 a barrel at 0057 GMT. It rose 2.3 percent on Monday to settle at $49.25 a barrel.
The U.S. benchmark, West Texas Intermediate crude, increased 8 cents to $46.34, after gaining 1.6 percent in the previous session.
Russia, one of the world's top three oil producers, said it was prepared to meet OPEC and non-OPEC oil producers to discuss the market if such a gathering is called.
A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said.
Brent crude fell 24 percent last quarter and is down 14 percent this year, following a 48-percent decline in 2014.
U.S. crude is down 13 percent this year, after falling 46 percent last year. The contract also fell 24 percent in the last quarter.
Oil up as Russia ready to talk with oil suppliers, U.S. rig count drops By Reuters | Mon, 5th October 2015 - 01:58
By Meeyoung Cho
SEOUL (Reuters) - Crude prices edged up on Monday after Russia said it was prepared to meet other producers to discuss the situation in the global oil market, while a report showed a fifth weekly decline in the U.S. oil rig count.
Brent climbed 17 cents to $48.30 a barrel by 0136 GMT after it finished up 44 cents, or nearly 1 percent, on Friday. U.S. crude rose 12 cents to $45.66 a barrel after it settled up 80 cents, or 1.8 percent.
Russia's energy minister said on Saturday that it was ready to meet with OPEC and non-OPEC oil producers to discuss global oil markets if such a meeting was called. He said a separate meeting between Russian and Saudi officials was being planned for the end of October.
U.S. energy firms reduced the number of oil rigs by 26 in the latest week, the biggest cut since April and the fifth straight weekly fall, data showed on Friday, a sign low prices were pushing drillers away from the well pad.
The cutback brought the total rig count down to 614, the least since August 2010.
Fatih Birol, head of the International Energy Agency, said on Friday said that global oil investments this year are on track to drop by 20 percent, marking their biggest decline in history as a halving in oil prices has hit energy companies' revenue.
Saudi Arabia, however, is continuing with its investments in the oil and gas industry as well as solar energy despite the current drop in oil prices, the kingdom's oil minister was quoted as saying on Friday.
On the geopolitical front, tensions have intensified as Russian planes have flown 20 sorties in Syria and struck 10 Islamic State targets in the past 24 hours, the country's defence ministry said in a statement on Sunday.
Russia has said it would step up air strikes in Syria, escalating a military intervention that Western powers say aims to support President Bashar al-Assad.
A committee of Iran's conservative-dominated parliament gave its support on Sunday to Iran's nuclear agreement with world powers on condition there would be no foreign inspections of military sites and no curbs on developing its missile programme.
The United Arab Emirates is moving ahead with its oil and gas investments despite the current drop in oil prices and expects no delays in plans to boost its crude output potential by 2017, the country's energy minister said on Sunday.
Asian stocks rose on Monday after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of Friday's weaker-than-expected U.S. employment data.
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