The downward correction partly reversed gains from the previous session when prices rose on the back of a drawdown in U.S. crude inventories and a slight dip in American production.
On the New York Mercantile Exchange crude futures for June delivery dipped 0.22% to $48.96 a barrel, while on London's Intercontinental Exchange, Brent was last quoted at $52.09 a barrel.
OPEC and its oil-producing partners may have to do more than merely extend their petroleum-output cuts to achieve their goal of rebalancing global supply and demand, the International Energy Agency said.
For the week ended May 12, the EIA said that crude oil inventories fell by 1.75 million barrels, compared to expectations of a draw of around 2.4 million barrels.
Brent reached US$52.63 a barrel and WTI rose as high as US$49.66 on Monday after Saudi Arabia and Russian Federation agreed on the need to extend output curbs by members of the Organization of the Petroleum Exporting Countries and other producers.
Organisation of the Petroleum Exporting Countries (OPEC), continued to reduce production in April, but output from Africa's top exporter - Nigeria, increased by 273,600 barrels per day (bpd).
Based on the current price action, it looks as if an OPEC agreement to extend the production cuts may be enough to hold prices in a range, but an agreement to make deeper output cuts may be needed to sustain the rally. Riyadh and Moscow say they should be extended until March 2018.
Oil producers have been trying to boost prices, as crude futures trade around $50 a barrel, less than half their level from early 2014, though above the low of below $30 in early 2015.
Overall oil supplies remain ample, with large amounts of crude from the United States and other producers being shipped to the big consumer regions in northern Asia, undermining OPEC-led efforts to tighten the market.
North Sea oil output, generally seen in terminal decline, is expected to jump by a net 400 Mbbl/d in the next two years with new projects and greater efficiencies.
A second source said he expected Iran would probably agree to a nine-month extension when Opec and non-Opec producers meet to set policy on 25 May in Vienna, provided that other producers such as Iraq were also on board.
Shipping data in Thomson Reuters Eikon shows that USA crude exports to Asia have soared from a handful of tankers a quarter throughout 2015 and 2016 to 10 tankers in the first quarter of 2017 and that figure is expected to rise.
Google has announced that it has partnered to develop two virtual reality headsets that will work as standalone devices . The standalone platform has been co-developed with wireless technology firm Qualcomm , says Alphr .
Video shows Erdogan supporters and bodyguards flooding through the police line and beating protesters on American soil. Seconds later, a group of men run across the street and start punching and kicking protesters.
Previous research has shown Antarctic mosses can come back to life after lying inactive under the ice for 1,500 years. They are going to study the severity of the effect before global warming was enhanced by human activities.
The agency said an earlier version of the Republican proposal would leave 24 million people without insurance in 10 years. Susan Collins suggesting her chamber will shelve the recently passed House measure and "start from scratch".
DHS has yet to confirm that the ban will be extended, but said it continues to "evaluate the threat environment". It could mean additional secondary screening of US bound passengers which would likely result in delays.
Boston also got the Nets' first-round picks in 2014, 2016 and 2018. "This is pretty good", said Celtics owner Wyc Grousbeck . They've got some really good players in this draft. "Now it's our turn 4 years later to take some benefits from the trade".
Jean-Yves Le Drian, 69, the previous defense minister, stays on in the new government as foreign minister and Europe minister. French President Emmanuel Macron arrives to lay a wreath on the unknown Soldier's tomb on May 14, 2017.
One game in and the Senators have already done to the Penguins what Washington and Columbus could not: grab control of the series. How it happened: In the franchise's first home game in the conference finals, Nashville nearly played second fiddle to Gibson.
Bharadwaj, had said in the Delhi Assembly, earlier on Tuesday, "There is no machine in the world that can't be rigged". It said the demonstration on a "look-alike" EVM can not be used to "vilify" those actually used for elections.
The allegations surfaced after two women accused Assange of sexual misconduct during a visit to Stockholm in 2010. She was freed Wednesday, having had her sentence commuted by former President Barack Obama before he left office.
Green vote helped NDP more than Liberals, says UBC prof
NDP and Green Party will be able to work together in a new government following the closely contested May 9 election. Horgan said he also looks forward to a final result by May 22, with thousands of votes still to be counted.
White House offers muted response on Comey memo
AshLee Strong, a spokeswoman for House Speaker Paul Ryan, said the Wisconsin Republican backed Chaffetz's demand for documents. Several Republicans said Tuesday after the memo surfaced that Comey should testify to Congress.
Swedish prosecutor drops rape probe against Julian Assange
American authorities have prepared charges to seek Arrange's arrest, CNN reported, citing USA officials familiar with the matter. The Swedish Prosecution Authority said in a statement Friday that Marianne Ny "has chose to discontinue the investigation".