Analysts said some investors were taking profits after two weeks of gains but that upward momentum remained strong
Opec-led supply deal to expire in March 2018
Nine months into the agreement between Opec and allies including Russia to cut production, there are both positive and negatives signs
The OPEC said that the world would need 32.83 million barrels per day
Due to rising global consumption and slower supply growth from rivals
The extra oil from Libya means supply by the 13 OPEC members
Crude prices are down 15% this year, making oil one of the worst-performing commodities in 2017
Opec officials are still upbeat on the outlook
US output has climbed to more than 9.3 million bpd, close to top producers Saudi Arabia and Russia
Commerzbank analysts predicted compliance to the producers' deal will falter
Optimistic about statements, meetings between the Saudi-Russian sides, says UAE's Energy Minister
With increasing demand & consumption, India is increasing imports and also its refining capacity
Oil producers like Opec last year agreed to cut output by 1.8 mn barrels/day for 6 months from Jan 1
Compliance in March by the 11 Opec members with output targets under supply cut deal averaged 104%
Opec, 11 other producers agreed in Dec to cut their combined output by almost 1.8 mn barrels/day
Its 65% plunge in 2014, 2015 forced an emergency rate increase and pushed Russia into recession
Goldman said it was not in Opec's interest to extend output cuts beyond six months
Opec is curbing its output by about 1.2 million barrels per day (bpd) from Jan 1
Saudis tell US oil firms OpecPEC won't extend cuts to offset shale: Sources
US West Texas Intermediate crude extended Wednesday's 5.4% losses by 2% to end at $49.28 a barrel