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REUTERS SUMMIT-Kenya plan needs oil price rebound-Africa Oil

NAIROBI, March 3 (Reuters) - Oil prices would probably need to rise to about $75 to $85 a barrel from around $60 currently for Tullow Oil and Africa Oil to go ahead with their Kenyan project, the chief executive of Africa Oil said.

UPDATE 2-Brent crude up $1 to over $60.50 as global markets firm

* But high U.S., Middle East production maintains supply glut

UPDATE 1-Cakra bids for Cokal in play for Indonesia coal project

* Cokal shares jump 26 pct, hold below offer value (Adds Cokal, Cakra executives' comments)

Oil production in federal Gulf of Mexico expected to continue increasing

(Tue, 03 Mar 2015) Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016. EIA projects GOM production to reach 1.52 million barrels per day (bbl/d) in 2015 and 1.61 million bbl/d in 2016, or about 16% and 17% of total U.S. crude oil production in those two years, respectively.

Oil prices rise as global markets firm, dollar comes off highs

* But high U.S., Middle East production maintains supply glut

China state-owned firms' overseas assets are not audited - Xinhua

SHANGHAI, Mar 3 (Reuters) - China does not audit the 4 trillion yuan ($637.42 billion) of assets its state-owned enterprises (SOE) hold overseas, Xinhua news agency reported, highlighting difficulties the government faces when expanding its anti-corruption drive to SOEs.

RPT-Philippines suspends Reed Bank drilling in S.China Sea - Philex unit

MANILA, March 3 (Reuters) - The Philippine government has suspended all exploration work at the Reed Bank in the South China Sea "until further notice", a unit of Philex Petroleum Corp said, as the country pursues international arbitration over territorial disputes.

Brent crude oil steadies above $60 after sharp Monday fall

SINGAPORE, March 3 (Reuters) - Brent crude oil prices steadied above $60 a barrel in early Asian trading on Tuesday, supported by traders entering the market after prices dropped sharply in the previous session on the back of record U.S.

U.S. West Coast gasoline prices rise at record pace: EIA

SAN FRANCISCO, March 2 (Reuters) - Retail prices for regular gasoline in West Coast states rose a record 37.2 cents a gallon since last week to $3.12 a gallon on Monday, the U.S. Energy Information Administration (EIA) said.

BP resumes operations of crude unit at Whiting refinery

BP has resumed operations of the second largest crude unit at the company’s 413,500bpd refinery in Whiting, Indiana, US.

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