10 June, 2017
Reaction to the USA employment data could be significant for oil prices if the data is substantially away from consensus expectations of an increase around 180,000, although position adjustment into the weekend is likely to be a more important market factor.
Russia's Rosneft CEO Igor Sechin also said the market can not stabilize unless all producers cut output.
Official government data showing weekly USA crude inventories will be published on Thursday.
U.S. West Texas Intermediate crude futures were up 78 cents, or 1.6%, at $49.10 a barrel. Stockpiles at Cushing, Oklahoma, the delivery point for WTI and the nation's biggest oil-storage hub, fell for a second week to 64.8 million barrels.
Global benchmark Brent crude futures were down 39 cents, or 0.77 percent, at $50.25 a barrel at 0039 GMT.
Phillies, Herrera Look To Stay Hot Down in Atlanta
Herrera went to third on Kendrick's single and scored when Jaime Garcia was called for a balk on a pickoff play to first. NOTES: Atlanta placed RHP Bartolo Colon (2-7, 7.78 ERA) on the 10-day disabled list with a left oblique strain.
Australia rates on hold ahead of growth data
Projections for tomorrow's first quarter GDP report are for a 0.2% quarter-on-quarter growth. Wide variations in the housing market have also contributed to uncertainty in the economy.
Real Madrid reject Man Utd bid for Morata
Morata has more goals (20) than starts (19) for Madrid in 2016-17 and his goal ratio is better than any other player in the squad. So, that's a substantial jump in price. "I don't know, it's hard , let's see".
Rising output from OPEC members Nigeria and Libya, which are exempt from the output reduction deal, is also undercutting attempts to limit production.
"Attention will be on USA inventory stocks tomorrow, with expectations of a further draw this week, following initial indications of strong demand for gasoline after the AAA said that driving mileage over the holiday weekend was the highest since 2005", said analysts at Cenkos Securities.
OPEC started the output cuts on January 1 in an attempt to ease bloated global inventories and boost oil prices. The next meeting of the ministerial monitoring committee under OPEC on oil production reduction may be held in Russia on July 22-24, Russian Energy Minister Alexander Novak told journalists.
Both Moscow and Riyadh said cooperation would continue beyond the current agreement as both countries were still trying to find ways to co-exist with United States shale oil producers, which are not part of the global output reduction deal.
Rystad Energy's vice president of oil markets Bjørnar Tonhaugen said: "US oil production has grown faster at 50 Dollars than any analysts in the market predicted".
Rising prices, which had tumbled from above $100 a barrel in 2014, have encouraged USA shale producers to increase drilling.
Crude inventories fell 6.4 million barrels in the week to May 26, far more than analysts' expectations for a decrease of 2.5 million barrels.