The market's focus has now shifted to whether the major oil producers will extend the cuts.
Oil prices had gained momentum this week on a growing sense that OPEC and non-member Russian Federation would extend their production cut, seeking to drive the market higher.
Crude traded near US$50 a barrel as a rebound in Libyan oil production and U.S. supply gains countered optimism that Opec would continue to restrain output.
This depressed outlooks for upstream development, with investment dropping globally from $670 billion in 2014 to $383 billion in 2016 leading to "fewer new discoveries today", he said.
Health Officials Are Investigating A Scary Brain Parasite In Hawaii
The junior versions can thereafter hitch a ride on other hosts, including snails, slugs, freshwater shrimp, crabs, and frogs. There are no treatments for the infection as of the moment, and scientists have yet to discover an angiostrongyliasis cure.
Canada's main stock index opened higher on Monday with Toronto-Dominion Bank and Teck Resources Ltd leading broad gains across most sectors.
"In terms of its implication locally so far, message is very clear with production cut, but we will continue building stock level, if the restriction on production is lifted for whatever be the reason, we are more than ready to come back to a million barrels per day level", said H E Aufi.
In January, Oman said that it had started to comply with the production cuts to reduce its share by 45,000 bpd.
Crude prices held early gains on Tuesday in Asia with figures on USA inventories later in the day expected to set the market tone in thin regional trade with markets in China, Hong Kong, Taiwan and India shut for holidays.
Elliott looking to oust AkzoNobel chairman
The activist investor, which holds a stake of 3.25% in Akzo, has said it would be responding to the allegations made by Akzo soon. Akzo's Dutch corporate structure gives its board wide latitude to control and block takeovers.
Benchmark Brent crude oil plummeted by 20 cents to $52.92 a barrel, while USA light crude oil also fell by 20 cents to reach $50.04, reported Reuters.
In November 2014, Saudi Arabia was able to push American shale oil out of the market by avoiding cuts in its output. As such, the average price of OPEC oil in the week ended on March 24, 2017, stood at 48.76 dollars per barrel, while the average price of oil at the beginning of 2017 had revolved around $52.23.
A Reuters survey estimates that Libya's crude oil production fell by ~70,000 bpd (barrels per day) to 600,000 bpd in March 2017-compared to the previous month. Libya's output rose to about 660,000 barrels a day as the Opec member's biggest oil field resumed pumping, a person familiar with the matter who asked not to be identified said.
Among the plans to increase output capacity from existing fields is a sea water injection plan which is in process of being tendered, he said.
Gas prices rising in northern New England
Gas prices rise over the summer as more people hit the road to take advantage of the warmer weather and school breaks. Rochesterians will pay more at the gas pump if they plan to travel this holiday weekend, industry experts say.
Oil futures held steady on Monday as a rebound in Libyan oil production over the weekend weighed against upbeat economic data from Asia that pointed to strong energy demand from the region.