U.S. oil futures steadied above $92 a barrel on Friday and were heading for a modest gain for a second week in a row on falling U.S. crude stocks, but investors were keeping an eye on the firmer dollar which has weighed on both commodities and equities.
* U.S. crude for November delivery was up 5 cents at $92.58 a barrel by 0033 GMT. The contract was up 0.2 percent for the week following gains in recent sessions spurred by an unexpected decline in U.S. crude stockpiles.
* Brent oil gained 3 cents at $97.03 per barrel. It is down 1.4 percent so far for the week amid ample global oil supplies.
* The dollar is trading near four-year highs against a basket of currencies and is on track to stretch gains to an 11th week in a row as the U.S. economy picks up and expectations rise that the Federal Reserve will start raising borrowing cost next year. A firmer greenback makes dollar-priced commodities such as oil more expensive for buyers using other currencies.
* Libya’s crude output has reached 925,000 barrels per day, the highest since before militias turned on each after the overthrow of Muammar Gaddafi, and adding to growing global supplies.
* Top oil exporter Saudi Arabia is likely to keep its output steady throughout the rest of the year as world consumption is expected to rise and domestic demand for crude eases during the winter.
* French fighter jets struck Islamic State targets in Iraq on Thursday, and the United States hit them in Syria, as a U.S.-led coalition to fight the militants gained momentum with an announcement that Britain would join.
* Malaysian state-owned oil and gas company Petronas it might pull out of a roughly $10 billion liquefied natural gas project in Canada due to what it said was the country’s slow progress developing a taxation plan.
* Time is running out for India’s aging state-run oil refineries as the new government of Prime Minister Narendra Modi looks set to free up diesel prices and open the gates to private sector competition.
* Asian shares got off to a rocky start after a sharp drop on Wall Street, which curbed enthusiasm for the dollar even after the U.S. unit touched multi-year highs in the previous session.
DATA AHEAD (GMT)
0600 Germany GfK consumer sentiment Oct
0600 Germany Import prices Aug
0645 France Consumer confidence Sep