Futures rose 0.5 percent in New York after slipping a second session Tuesday. Inventories dropped by 9.2 million barrels last week, the American Petroleum Institute was said to report. If that is replicated in government data Wednesday, it would be the largest drop in almost a year. Output from Libya is rebounding as its biggest field boosts production and a port reopens. OPEC won’t clear the global glut any time soon since any increase in price continues to bolster rival production from U.S. shale, according to the International Energy Agency. Click Read More below for additional detail.

India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed. U.S. crude production has soared more than 14 percent since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners. “Earlier in Asia, West African oil was competing with Middle East grades, but now it has a new competitor: the U.S.,” said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist. Click Read More below for additional information.

UPM Biofuels was chosen as the Bioenergy Industry Leader at the 2017 Platts Global Energy Awards - often described as the Oscars of the energy industry. The competition was arranged by S&P Global Platts, the leading independent provider of market information and benchmark prices for commodities in the energy sector. UPM Biofuels was nominated for its wood-based low emission advanced UPM BioVerno biofuels, and its one-of-a-kind commercial scale biorefinery in Lappeenranta, Finland. The choice was made among energy companies from nearly 30 countries representing four continents, including some of the world's leading energy giants. Click Read More below for additional information.