"We are once again seeing the emerging stalemate between OPEC and non-OPEC cutting efforts on one side and rising USA production on the other", said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. Joint talks with non-OPEC oil ministers will also take place that day, two sources said.
While a number of producing nations have reached an initial deal to extend supply curbs past June, according to Saudi Arabia's energy minister, data showing rising USA output is prompting concern that those reductions will be undermined.
The oil market is gearing up for the OPEC end of May gathering with two meetings planned on the day.
The price of Brent crude has increased since OPEC and non-OPEC members agreed to reduce output, and it now trades at $53.05, after selling for as low as $27.
"Our global crude balance shows implied stock draws in July and August even in the event of a halt to the cuts", said Eugene Lindell, senior oil analyst at JCB Energy consultants in Vienna. A month ago, the comparable CFD traded at just minus 50 cents barrel.
Crude futures +1% to $50.92.
Eleven non-OPEC countries - Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan - agreed to reduce the oil output.
WTI crude oil, the U.S. benchmark, is down by 1.5% at $49.96 per barrel, while Brent crude oil, the global benchmark, is down by 1.2% at $52.34 per barrel as of 11:02 a.m. ET.
USA output has jumped nearly 10 per cent since mid-2016 to 9.25 million bpd, close to that of the world's top two producers, Saudi Arabia and Russian Federation.
Markets overall were looking for evidence that inventories had been drawn down before being more confident surrounding the outlook for prices.
Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers. His Kuwaiti counterpart, Essam al-Marzouq, said he expected the agreement to be extended.
Oil ministers met in Abu Dhabi at the bi-annual GCC Petroleum Media Forum and told reporters that a preliminary agreement was in place to extend the production cuts until the market finds a rebalance.
Saudi Arabian Energy Minister Khalid al-Falih said on Thursday there is "an initial agreement" among producers that they may need to prolong the measures because stockpiles remain too high.
Gasoline futures recently fell 1.2% to $1.65 a gallon and diesel futures fell 1.8% to $1.5502 a gallon.
This was primarily attributed to excessive stockpiles and refinery maintenance season, which in the USA led to a string of seven-figure inventories increases, making markets nervous.
The applicants must now be permanent residents for at least four years, which is three years longer than the current requirement. Australia said it will be replacing the 457 process with the new Temporary Skill Shortage visas in 2018.
As he celebrated his team's 2-0 victory over Stoke last night, Paul Clement could have been forgiven for having mixed feelings. I'm really happy when our club fighting the way we have and we will continue to fight to keep our club in the Premier League".
Samsung Electronics Co.'s Galaxy S8 smartphone is displayed at a Seoul-based retail shop in this photo taken on April 21, 2017. Instead, after the trial Google Play Music will allow users to upload 100,000 tracks of their own music to stream.
Earlier this year, Tesla announced a new plan to charge owners a usage fee, with specific costs per minute depending on region. The move is a major expansion - the growth would more than double the number of stations in the United States.
The final set proved to be most thrilling with Djokovic saving four match points before Goffin secured a deserved win. Nadal has beaten 29-year-old Ramos-Vinolas in their two previous clashes, both times on clay in Barcelona.
United was trying to make room for four employees of a partner airline after United's paid passengers had boarded. United Airlines crew immediately contacted medical personnel, who met Bell and his wife upon arriving in Calgary.
Nine bodies were recovered in Greek territory and another seven in Turkish waters, Greek and Turkish coastguard officials said. Two survivors, one of whom is pregnant, were from Cameroon and the Democratic Republic of Congo, the agency said.
The nuclear-powered USA submarine USS Michigan also made a port call at Busan in the South on Tuesday in another show of force. In the regime's usual overblown rhetoric, the website claimed mainland America would "be burnt to the ground".
IPIC asked a London court to arbitrate past year in a dispute with 1MDB in which the Abu Dhabi group claimed about $6.5 billion. Najib has denied any wrongdoing, but the scandal sparked a mass rally in November against his government.
Apple iPhone 8 may face two-month delay due to screen issues
But it's increasingly sounding as if that redesigned iPhone may be delayed past Apple's traditional September launch period. Apple has a huge base of fans who are eager to buy the latest iPhone that the huge tech firm churns out on a regular basis.
Adrian Peterson Closing In On New Deal
New Orleans has three running backs on its current roster including Mark Ingram, Daniel Lasco and Marcus Murphy. Hightower, in his 30-year-old season with much less wear than Peterson, contributed 548 yards at 4.1 per carry.
The election 'nightmare' that could smash the euro
France will hold its first round of elections on Sunday, followed by a runoff between the top two vote-getters on May 7. Le Pen and Macron are at around 23 percent; Fillon and Mélenchon at around 19 percent; Hamon at around 8.
Orbital ATK launches Nasa's new cargo resupply mission to ISS
The mission is the company's seventh as part of a $1.9 billion contract with NASA to ferry supplies to the orbiting outpost. Orbital ATK's Cygnus spacecraft safely blasted off from Florida's Cape Canaveral Air Force Station on Tuesday morning.
Jinder Mahal No.1 contender for WWE Championship
Finally, United STates champion Kevin Owens was ready to compete...against anyone who wasn't a seasoned veteran of Smackdown . Charlotte tries to get the jump on Naomi before their match later, but Naomi stands tall while Charlotte heads to the back.