Analysts including Goldman Sachs have said the global oil market is re-balancing, and the International Energy Agency predicts demand will significantly exceed production if OPEC and its partners extend their cuts into the second half of the year.
Futures were little changed in NY after adding 3.5% last week. "With these two countries behind the extension of the accord, chances are very high that they will get all of OPEC behind it".
Saudi Arabia and Russian Federation announced plans to cut their amounts of oil going onto the market. The following month, 11 non-OPEC oil-producing countries pledged to cut another 558,000 barrels a day, bringing the overall reduction to 1.8 million barrels a day. US crude was up $1.43 at $49.27 a barrel.
Chinese retail sales for April beat expectations to rise 10.7 percent from a year ago, while property investment growth accelerated to 9.3 percent in the first four months of 2017 from 9.1 percent in the first quarter.
Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close. The global benchmark crude traded at a premium of $2.65 to July WTI.
But with US oil output rising and the first phase of the OPEC/non-OPEC agreement proving a disappointment there may be greater caution this time.
Fund managers now hold 809 million barrels of Brent and WTI long positions compared with 800 million in November.
"The drop in net-length set the stage for the rally", Tamar Essner, a New York-based energy analyst at Nasdaq Inc., said by telephone.
Extending the curbs at already agreed-upon volumes is needed to reach the goal of reducing global inventories to the five-year average, the energy ministers of the world's biggest oil producers said in a joint press conference in Beijing.
"Preliminary consultations show that everybody is committed" to the output agreement and no country is willing to quit, said Novak. "I don't see reasons for any country to quit".
Not everyone is on board yet.
Undermining efforts by OPEC and Russian Federation has been the United States, which did not participate in the agreement to cut supplies.
The U.S. operators are expected to relatively quickly adjust even to $30 per barrel oil, and they will rely on hedging gains or just outspend more in the short term.
Hedge funds now hold a very similar position to the one they held on November 29 before the OPEC deal was announced which raises the question of whether the outcome will be the same.
Over in the U.S., equities rose more than 0.4 percent across the board, with energy stocks contributing to the gains. That is longer than the optional six-month extension specified in the deal.
"We are of the camp that the extension cuts might not be enough - they might need to extend the cuts and to increase them to stabilize this market", said Oliver Sloup, director of managed futures at iitrader.com.
Instead of US crude oil inventories declining in the first quarter, they increased.
Traders are eagerly waiting on news from the May 25th OPEC meeting.
The 94 USA attorneys were instructed in the memo to "charge and pursue the most serious and readily provable offense". Holder noted on Friday that federal prosecutors focused on "more serious drug cases" after his policy took effect.
He displayed flashes of brilliance in the playoffs to be sure, but couldn't deliver when the Rockets needed it most. He was out of sorts from the start and the Rockets were all but out of the game by halftime.
He said the extent of the attack will be clear only Monday, which is a working day, and Saturday being a government holiday. Those affected see a message on their computer screens demanding payment in the digital currency bitcoin to restore access.
In their Road to 2020 business presentation , the company outlines strategies for creating titles that "will become global hits". This will no doubt come as good news to classic Sega fans, as countless franchises have fell by the wayside in recent years.
USA presidents of both parties have repeatedly waived a US law requiring the embassy be moved to Jerusalem. But Tillerson linked Trump's deliberations directly to his aspirations for brokering Mideast peace.
Unlike the first two games, Washington wouldn't look back and held on to their 20-point lead for the rest of the game. But for the Wizards to make such a quick turnaround at the expense of the Celtics' confidence was quite a surprise.
NBC News reports that the death of a 16-year-old student last month in SC has officially been deemed a caffeine overdose . Watts said the final cause of death was due to a caffeine-induced cardiac event causing a probable arrhythmia.
More information on the malware itself is available from the Microsoft Malware Protection Center on the Windows Security blog . Windows 10 users are unaffected by the attack, and numerous operating systems affected are no longer supported.
French ex-premier pledges allegiance to Macron's movement
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Award-winning actor Powers Boothe dies at the age of 68
The actor made his film debut in the 1977 film The Goodbye Girl , and built a career on playing mainly darker, villainous roles. Boothe's family are considering a memorial celebration in honor of the late actor, but the date is yet to be confirmed .
Wall's late 3 leads Wiz past Celtics 92-91, forces Game 7
The Wizards will play in a Game 7 for the first time since the 1979 Eastern Conference Finals (won, 107-105 over the Spurs). In the Bill Russell era, the Celtics were unstoppable in Game Seven, winning all 10 appearances. "We had a lot of heart".
Cavaliers to wear ads on jerseys next season
The tire company, founded and headquartered in Akron, Ohio, signed a multiyear deal to be on the team's jerseys. The company was also a founding member of the National Basketball League, a precursor to the NBA, in the 1930s.
Scream Queens officially cancelled after just two seasons
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West Ham rout 'perfect afternoon' - Klopp
Fans were told to remain in their seats with the players scheduled to do a lap of the stadium when the match finished. On the other hand, West Ham edged out Premier League high-flyers Tottenham Hotspur 1-0 in their last game.
UK working to restore hospital systems after cyberattack
Malicious software or "ransomware" has been used in a massive hacking attack, affecting tens of thousands of computers worldwide. In an unexpected move, Microsoft has acted to release a security patch for several of its unsupported operating systems.
Ducks' reward for Game 7 win is date with Rinne and Preds
The Ducks will open up the Western Conference Finals at home against Nashville on Friday, and they are slight favorites. There have been upsets, dominance, disappointment, drama, and exciting games to watch in these 2017 NHL Playoffs.
Cubs Get Past Cards 3-2 in Series Opener
In five starts at Triple-A Iowa, Butler 1.17 ERA and only walked 2.3 batters per nine innings. NOTES :Kris Bryant was a last-minute scratch from the lineup because of a stomach illness.
Bus tips over in Turkey, killing at least 23 people
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