BP seized on a report better than expected quarterly results Tuesday as further evidence that its activity is rebounding and that the company quickly put the worst of the Gulf oil slick behind.

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Total crude oil and petroleum products stocks rose +0.59 mmb to 1132.78 mmb in the week ended October 22. Crude oil inventory soared +5.01mmb to 366.21 mmb as stock-builds were recorded in all 5 regions. Cushing stock, however, slipped -0.35 mmb to 33.66 mmb. Utilization rate rose for a second week to 83.7%.

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Oil prices slipped to near $82 a barrel Tuesday in Asia as traders looked to the latest U.S. crude supply reports for clues about the strength of consumer demand for fuel.

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BP announced today that it has reached agreement to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of $1.8 billion. TNK-BP, Russia’s third largest oil company, is owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova).

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French oil major Total (TOTF.PA) has halted all its trade in oil products with Iran in compliance with a European embargo, Total Chief Executive Christophe de Margerie said in an interview.

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A new gas pipeline between Russia and Turkmenistan has been brought into operation.

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Opec oil ministers have decided to keep their production quotas unchanged, declaring the world market remains “well supplied” and prices are at a satisfactory level.

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Oil prices rose above $82 a barrel Wednesday in Asia as a weaker U.S. dollar made crude cheaper for investors holding foreign currencies.

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Iran increased its estimated oil reserves on Monday to a level which would return it to third place in the world after Iraq said last week it had overtaken its neighbor.

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high of $83.33 a barrel reached earlier on Wednesday, because of nervousness ahead of the release of United  States’ inventory data.

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