NYMEX-Oil prices drop as investors take profits, supply concerns support
TOKYO, Aug 14 (Reuters) - U.S. crude futures fell on Wednesday as investors took profits after three sessions of gains, but worries over supplies from OPEC nations Libya and Iraq supported prices.
* NYMEX crude for September delivery was down 35 cents at $106.48 a barrel by 0020 GMT, after finishing 72 cents higher on Tuesday.
* London Brent crude for September delivery dropped 32 cents to $109.50 a barrel, after rising 85 cents the day before.
* Libya told its customers on Tuesday it could make no promises on crude deliveries next month as on-off strikes paralysed its major sea terminals.
* Iraq's oil exports are stagnating compared with a year ago and are set to fall sharply next month while major work is carried out at its vital southern export terminals, industry sources said.
* U.S. crude stocks fell last week, while gasoline and distillate stocks rose, data from industry group the American Petroleum Institute showed.
* U.S. commercial crude oil and gasoline inventories are forecast to have dropped last week, while distillate inventories likely rose, an expanded Reuters poll of analysts showed on Tuesday.
* Crude oil output in the Bakken shale fields of North Dakota rose by a record 54,000 barrels per day in May to reach nearly 860,000 bpd, energy intelligence group Genscape said.
* U.S. retail sales rose in July, pointing to an acceleration in consumer spending that could bolster the case at the U.S. Federal Reserve for winding down a major economic stimulus programme.
* The loading dates for all 13 North Sea Forties crude oil cargoes scheduled for August have now been pushed back, trade sources said.
* China is considering opening up its crude import market to more refineries outside its dominant state giants, with quotas of at least 10 million tonnes being discussed for new entrants in 2014, according to traders and a government document seen by Reuters.
* Mexico's long awaited energy reform proposals have finally been unveiled. But the tentative steps being taken towards liberalization favor natural gas far more than oil.
* Japan's Nikkei share average rose on Wednesday on a weaker yen and strong U.S. data, though the summer holiday lull may temper the upside.
* The yen was quoted around 98.20 yen to the dollar in early Asian trade, moving away from a seven-week high of 95.810 touched last Thursday.
* Copper hit nine-week highs on Tuesday on signs of tighter-than-expected stockpiles in China, and cotton rallied on supply concerns, but declines in other markets slowed the wider commodities complex after four days of gains.
* The following data is expected on Wednesday: (Time in GMT)
- 0130 Australia consumer sentiment for August
- 0530 France GDP preliminary reading for second quarter
- 0600 Germany GDP flash reading for second quarter
- 0645 France CPI final reading for July
- 0645 France non-farm payrolls for second quarter
- 0830 UK inflation for July
- 0900 Euro zone GDP flash estimate for second quarter
- 1100 U.S. weekly mortgage market index
- 1430 U.S. weekly EIA petroleum stocks
(Reporting by Yuka Obayashi; Editing by Joseph Radford)