Oil prices give up earlier gains

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russian Federation have pledged to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year.

So the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL), climbed 0.8%, extending yesterday's almost 4% surge, and the U.S. Oil Fund (USO) rose 0.9% to $9.94.

OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production for an additional six-months to the end of the year.

Saudi Aramco, which is a state-owned, is going to low oil supplies to Asian customers in June by 7 million barrels.

Oil prices had some spring in their step midday Wednesday after USA government data confirmed a larger-than-expected fall in US crude inventories as refineries cut output.

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Moves in refined product inventories also impact crude oil (FENY) (XES) (RYE) (IEZ) prices.

USA light crude oil, on the other hand, ended up $1.45 higher at $47.33 a barrel.

Brent crude was up 34 cents at US$49.44 a barrel at 1410 GMT, having recovered from a session low of US$48.65.

The report will add to a debate about the effectiveness of the supply cut pact, which is expected to be extended when producers meet later this month.

"Russia is in solidarity with the efforts of our partners to rebalance the market and considers that the joint initiative to stabilise the world oil market is now effective", energy minister Alexander Novak said, Russian news agencies reported.

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Oil Storage Tanks at Cushing, OKOil held gains before government data forecast to show USA crude stockpiles fell for a fifth week, further reducing an inventory surplus.

OPEC monthly report also found that world oil supply growth for the year was increased by 37,000 barrels per day with supply to now average 58.3 million barrels per day.

Paris, May 11 OPEC said today that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States.

Non-cartel producers led by Russian Federation partially matched the cuts.

The firm said its 2017 forecast of $50 a barrel for Brent crude now faced a clear "downside risk" as USA shale production continued to increase.

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Surging U.S. production has raised concern the Organization of Petroleum Exporting Countries and partners are failing to reduce an oversupply and prop up prices.

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