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UPDATE 1-Oil remains near five-week high on expectation of producer action

SINGAPORE, Aug 16 (Reuters) - Oil prices remained near
five-week highs on Tuesday, fuelled by talk of producers taking
action to prop up the market, although some investors cashed in
during Asian hours on the 16 percent rally since early August.

Russia to decide in autumn whether to top up sovereign Eurobond issue - FinMin

MOSCOW, Aug 16 (Reuters) - Russia's Finance Ministry will
decide in autumn whether to top up sovereign Eurobond issue,
Konstantin Vyshkovsky, head of the ministry's debt department,
told Reuters.

Indonesia's proposed 2017 budget puts fiscal deficit at 2.41 pct of GDP

JAKARTA, Aug 16 (Reuters) - Indonesia's President Joko
Widodo on Tuesday proposed to parliament a 2017 state budget
that has a fiscal deficit at 2.41 percent of gross domestic
product (GDP) and assumes the economy will grow 5.3 percent next
year.
The government's GDP growth target this year is 5.2 percent.
In the second quarter, Indonesia had stronger-than-expected
annual growth of 5.18 percent.

Cairn Energy raises resource estimate for Senegal oilfields

Aug 16 (Reuters) - Oil exploration company Cairn Energy Plc
raised its best estimate of reserves at its oilfields
off the coast of Senegal by almost a third on Tuesday, following
successful appraisal of the SNE-4 test well earlier this year.

Weak oil prices hurt Wood Group's first-half core earnings

Aug 16 (Reuters) - Oilfield services company John Wood Group
Plc reported a 26.3 percent fall in first-half core
earnings, hurt by weak demand from oil and gas producers.

U.S. crude oil exports are increasing and reaching more destinations

(Tue, 16 Aug 2016) The number of countries receiving exported U.S. crude oil has risen since the removal of restrictions on exporting U.S. crude oil in December 2015. U.S. crude oil exports have occurred despite relatively small price spreads between international crude oils and domestic crude oils, as well as other factors that should reduce crude oil exports, such as falling U.S. crude oil production and added cargo export costs.

Australia shares trapped, NZ stocks edge lower

SYDNEY/WELLINGTON, Aug 16 (Reuters) - Australian shares
moved sideways on Tuesday as gains in the energy and natural
resources sectors were offset by weakness in financials and
discretionary stocks in another busy week of earnings reporting.

China's economic planner calls for accelerated capacity cuts to steel, coal

SHANGHAI, Aug 16 (Reuters) - China's economic planning
agency said the country should quicken the pace of capacity
reductions in steel and coal, adding that rising prices for the
commodities were weakening the resolve of local governments to
accelerate the cuts.

China's July power consumption rises 8.17 pct y/y

BEIJING, Aug 16 (Reuters) - China's power consumption
reached 552.3 billion kilowatt hours (kwh) in July, up 8.17
percent from the same period a year earlier, the country's
economic planner said on Tuesday.

Oil prices dip as traders cash in on two-week price rally

SINGAPORE, Aug 16 (Reuters) - Oil prices edged away from
5-week highs on Tuesday, with traders cashing in on a 16-percent
rally since early August that has largely been fuelled by talk
of producers taking action to prop up the market.

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