Investing.com - Oil was lower Thursday as the market weighed supply concerns against efforts by major producers to curb production.
U.S. crude was off 54 cents, or 1.10%, at $48.53 at 08:00 ET. Brent shed 55 cents, or 1.05%, to $51.66.
Oil gave up gains Wednesday posted on the Energy Information Administration reporting a fall of 1.75 million barrels in U.S. crude inventories.
The EIA was forecast to report a drop of 2.36 million barrels.
The focus is now on a meeting on May 25 of OPEC and non-OPEC producers on a possible extension of agreed output cuts.
The Saudi and Russian energy ministers Monday lent support for a nine-month extension in the output deal to the end of March.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.
The focus is also on U.S. drilling activity with the latest weekly Baker Hughes rig count due out Friday.
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