Oil

BP PLC said Tuesday that it expects recent changes to U.S. corporate taxes to boost its future earnings, but it will take a one-off $1.50 billion charge due to the revaluation of deferred tax assets and liabilities.

Expect a bumpy ride in the oil market.

U.S. oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories.

Dec 29 (Reuters) - The U.S. oil rig count rose by about 42 percent by end-2017 compared to the levels seen during the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices.

U.S. crude oil production in October rose to the highest in more than 46 years, while natural gas production leaped to a new record, U.S. Energy Information Administration data showed on Friday.

U.S. oil prices rose above $60 a barrel on the final trading day of the year, touching their highest since mid-2015, as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading.

Oil prices edged up on Thursday, remaining near 2-1/2-year highs after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories.

Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fueled by supply outages in Libya and the North Sea ran out of momentum.

Oil prices touched two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.

Oil prices were stable on Tuesday, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia.

Oil prices on Friday dipped away from some of their highest levels since 2015, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in the North Sea.

Oil prices were little changed on Thursday, erasing earlier losses after the operator of Britain’s Forties pipeline in the North Sea said it was expected to restart in early January after repairs over Christmas.

Canary, LLC CEO Dan Eberhart on the impact of the Republican tax bill on the oil industry.

Oil prices inched up on Wednesday, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system.

Oil edged up towards $64 a barrel on Tuesday, helped by a North Sea pipeline outage, OPEC-led supply cuts and expectations that U.S. crude inventories had fallen for a fifth week.

Oil prices rose on Friday, supported by the continuing outage of the Forties pipeline in the North Sea and falling inventories due to OPEC-led production cuts, but climbing U.S. output kept a lid on gains.