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.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.