Bloomberg Oil traded near $51 a barrel amid speculation a production boost from U.S. shale producers will counter the first output cuts from OPEC in eight years. Futures fell 0.2 percent in New York after falling 1.7 percent on Tuesday, the first drop in five days. The Energy Information Administration increased its U.S. oil output forecast for this year …

  Reuters State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said it signed a contract with the world’s top exporter Saudi Aramco on Wednesday to extend a crude oil storage deal on the island of Okinawa by three years. Under the agreement, Saudi Aramco can store up to 1 million kilolitres (6.3 million barrels) of crude oil on the …

  Sydney / AFP Australia’s economy contracted for just the fourth quarter in 25 years, official data showed on Wednesday, slowing the annual growth rate to 1.8 percent amid weaker government and consumer spending on top of softer trade figures. The Australian Bureau of Statistics reported a 0.5 percent contraction for the September quarter. It was the weakest figure in …