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.
Hinch said the just ended road trip was very successful and will help them as they enter their home stand. The Marlins have lost 17 of their past 21 games and are in last place in the National League East.
The EIA forecast that USA oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth. Equatorial Guinea, which is Africa's third largest oil producer, said it had support from Saudi Arabia to join OPEC.
However, the top court said that they have a limited time, so all the matters could not be covered at present. The verdict was expected these days, but the judges said they still reserved for their decision.
This was a foul-smelling effort to use the White House, and Kushner's power, to boost the family's bottom line. He is married to Trump's daughter Ivanka, who also serves in the White House as an assistant to the President.
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 descent of Turkey into a strongman state is discouraging, and there's no sign that it's going to turn around any time soon. A Voice of America video showed police officers struggling to protect the protesters and ordering the men in suits to retreat.
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".
Honda said he was taken initially by ambulance to a hospital near the coastal resort of Rimini before being transferred to Cesena. He suffered head and chest injuries in the accident and has been placed in an induced coma, according to reports.
Traditionally, the United States and China have negotiated new measures before involving remaining council members. Trump warned in an interview with Reuters this month that a "major, major conflict" with North Korea was possible.
Sweden Drops Rape Investigation Against Julian Assange
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.
CWA members strike at Cheektowaga AT&T Store
And in February, an estimated 21,000 AT&T Mobility workers in 36 states voted to strike as well, with 93 percent in favor. The wireline and DirecTV workers have been without a new contract for over a year and held a one-day strike in March.