Ice Brent crude futures rose in early Asian trading, rebounding from the previous session.
The Ice front-month December Brent contract was at $115.44/bl at 04:00 GMT, up by $1.56/bl from its settlement on 27 October when it ended $1.93/bl lower.
The Nymex front-month December crude contract was at $101.34/bl, higher by $1.44/bl from its settlement on 27 October when it ended $1.86/bl lower.
Venezuela has sent a "gift" of a tanker of 1mn bl of crude to the US, president Donald Trump said on 27 October on his way to receive the shipment in Corpus Christi, Texas, according to the White House.
"We're going to accept a million barrels of oil, and I'm going to give it to you people to use it the way you want," Trump told reporters in Washington before travelling to Texas. "And we're going to have oil prices... dropping very sharply very soon."
The shipment carried on two tankers was part of the US government's right to purchase 20pc of North American Blue Energy Partners' (Nabep) production at cost under a deal reached in August, Nabep said.
The US had not disclosed the provenance of the crude. The US has imported around 500,000 b/d of crude from Venezuela over January-July, according to the US Energy Information Administration.
Russia is working to keep its oil and natural gas alliances and interests with Venezuela, Russian president Vladimir Putin said at a global gas summit in Moscow on 27 October.
The US has excluded Russia from its sanctions waivers that have otherwise opened more of Venezuela's energy sector to outside investment since its seizure of former leader Nicolas Maduro on 3 January. Russia has a long history of energy deals with Venezuela, but investment and development in their upstream joint ventures had declined. Venezuela reallocated some of those fields under new contracts models this year.
An inconclusive parliamentary election in Israel is likely to keep prime minister Benjamin Netanyahu in office in a caretaker capacity in the near future.
Iran and Israel have not exchanged direct strikes since June. The US has refrained from directly attacking Iran since early September. But Trump has said he may resume large-scale hostilities against Iran following the 3 November US midterm congressional elections.
Nigerian conglomerate Dangote is considering building a third 700,000 b/d refinery in Africa, alongside its existing Lekki refinery and a second plant under construction in Kenya, group vice-president Devakumar Edwin told Argus.
Ice Brent crude futures rose in early Asian trading, rebounding from the previous session.
The Ice front-month December Brent contract was at $115.44/bl at 04:00 GMT, up by $1.56/bl from its settlement on 27 October when it ended $1.93/bl lower.
The Nymex front-month December crude contract was at $101.34/bl, higher by $1.44/bl from its settlement on 27 October when it ended $1.86/bl lower.
Venezuela has sent a "gift" of a tanker of 1mn bl of crude to the US, president Donald Trump said on 27 October on his way to receive the shipment in Corpus Christi, Texas, according to the White House.
"We're going to accept a million barrels of oil, and I'm going to give it to you people to use it the way you want," Trump told reporters in Washington before travelling to Texas. "And we're going to have oil prices... dropping very sharply very soon."
The shipment carried on two tankers was part of the US government's right to purchase 20pc of North American Blue Energy Partners' (Nabep) production at cost under a deal reached in August, Nabep said.
The US had not disclosed the provenance of the crude. The US has imported around 500,000 b/d of crude from Venezuela over January-July, according to the US Energy Information Administration.
Russia is working to keep its oil and natural gas alliances and interests with Venezuela, Russian president Vladimir Putin said at a global gas summit in Moscow on 27 October.
The US has excluded Russia from its sanctions waivers that have otherwise opened more of Venezuela's energy sector to outside investment since its seizure of former leader Nicolas Maduro on 3 January. Russia has a long history of energy deals with Venezuela, but investment and development in their upstream joint ventures had declined. Venezuela reallocated some of those fields under new contracts models this year.
An inconclusive parliamentary election in Israel is likely to keep prime minister Benjamin Netanyahu in office in a caretaker capacity in the near future.
Iran and Israel have not exchanged direct strikes since June. The US has refrained from directly attacking Iran since early September. But Trump has said he may resume large-scale hostilities against Iran following the 3 November US midterm congressional elections.
Nigerian conglomerate Dangote is considering building a third 700,000 b/d refinery in Africa, alongside its existing Lekki refinery and a second plant under construction in Kenya, group vice-president Devakumar Edwin told Argus.
By YouLiang Chay