On Wednesday, a Reuters survey found output from the Organization of the Petroleum Exporting Countries (Opec) rose in May, the first monthly increase this year, as higher supply from two states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others. It was the 20th straight weekly increase in the number of active US oil rigs.
Brent crude tumbled below $50 on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.
Futures advanced as much as 1.2 percent in NY after losing 3 percent the previous two sessions.
November's deal between the Organization of the Petroleum Exporting Countries and non-OPEC members like Russian Federation has been slow to take hold, as many nations sold inventory out of storage before truly cutting exports.
U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.
In 2017, KLR expects USA oil demand to increase roughly 0.25% year over year to 19.7 million barrels per day.
Derek Jeter to exploding Yankee Stadium: Thank you But he was, unofficially, The Face of Baseball from nearly the moment he burst onto the scene until the day he retired. His 358 steals are good for 19th, and no other shortstop in history ranks better than 20th in all of those categories.
President Donald Trump has vowed to provide extra support for USA oil production and is widely expected to pull the United States out of a landmark global climate accord.
However, US crude production rose to 9.34mn bpd last week, up almost 500,000 bpd from a year ago.
Reuters sources say OPEC officials discussed deepening the cuts last week and could revisit the proposal.
Traders said that prices had received support from a tightening physical crude market.
"We have to see the market and I think by the end of June, in July we will see that the action we have taken has a big impact", TASS quoted him as saying.
So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in US shale oil output.
But Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance, said the US decision to walk away from the climate agreement was not likely to impact oil markets.
On Friday, Igor Sechin, chief of Russia's largest oil producer, Rosneft, said US oil producers could add up to 1.5 million bpd to world oil output next year.
Japan vows action against North Korea's missile test
May 14: North Korea test-fires its newly developed Hwasong-12 missile, which it says can carry a heavy nuclear warhead. A US Navy spokesman in South Korea did not give specific timing for the strike group's planned drill.
Oracle beats Kiwis in Bermuda for America's Cup bonus point
As such, they will take a bonus point with them into the best-of-13 Cup Match, effectively the regatta final, later in the month. Oracle started that series down two points after being penalized for the biggest cheating scandal in America's Cup history.
Thousands pack streets of Huddersfield to celebrate promotion
If you look at the players we have, I think they have done very well to finish third in the league and then to reach this final. So, now its time to rest and get ready for the 2017-2018 season, time to improve, reflect and get where we want to be.
Summerhays takes advantage of Dufner collapse at Memorial
Bubba Watson (68) and Justin Thomas (69) are level with Dufner at nine under, while Rickie Fowler (72) is a shot further back. Calm as ever, Dufner was mostly pleased with taking the stress out of his putting by not having any tough par putts.