Analysts said a larger-than-expected fall in USA crude inventories last week, by 5.3-million barrels, continued to keep Brent above $50, with the data viewed as a possible sign Opec-led cuts were tightening the market.
West Texas Intermediate June crude traded at $47.73 a barrel, down 10 cents, or 0.2%, on the New York Mercantile Exchange.
Russian Federation have pledged to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year. OPEC ministers will meet May 25 to decide on whether to go forward with an extension of their production cuts.
Commerzbank said in a note it was sceptical about OPEC's ability to support prices in the long term. Saudi Arabia, the de-facto OPEC leader, has said it expects cuts to be extended.
Increasingly, the oil market believes the real battle between OPEC and Russian Federation, on one side, and shale, on the other, will take place in 2018, when an increasing number of observers predict USA production will flood the market as it did in 2014.
OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market.
"Crude prices could be poised for recovery", USA investment bank Jefferies said in a note.
Ghuggi quits AAP after Mann made Punjab chief
Ghuggi, who is the former Punjab convener of the AAP , said that he would stay in politics but not be associated with the AAP . Ghuggi was appointed as the convener of the party's Punjab unit ahead of the Assembly elections in the state.
Aetna becomes latest insurer to flee ACA exchanges
Crawford, spokesman for Aetna , declined to comment on the insurer's "potential Nevada presence". The move by Aetna leaves Nebraska with only one potential Obamacare insurer next year.
US man arrested over series of fatal Arizona shootings
While Saucedo knew the first victim killed in August 2015, the other slayings appear to have been random, police said. Police previously said at least seven people were killed and two others wounded over a four-month period past year .
The cartel abandoned its traditional strategy of limiting supply to support prices between 2014 and 2016, stepping up production and causing a plunge in prices to under $30 per barrel as they sought to squeeze out higher cost United States shale producers. A lack of infrastructure limits its exports, according to the U.S. Energy Information Administration. Prices are still up from about $48 a year ago.
The only good thing for oil prices to change its course now is the summer driving season in the USA which would result in incremental demand for gasoline and in turn the reduction in oil inventories.
OPEC and allied producers agreed in November to slash production, a move created to rid global markets of excess supply.
Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, said the market is not just looking at U.S. production figures and U.S. inventory data.
USA shale producers used the price spike that OPEC triggered earlier this year to lock-in revenues for 2017, 2018 and, in some cases, even 2019.