OIL PRICES: $50.13
According to REUTERS, oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week.
Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.
Norwegian supply could be hit by a threatened workers' strike, however.
Brent crude LCOc1 was down 48 cents a barrel at $50.13 as of 0856 GMT, having risen in the two previous sessions. U.S. crude CLc1 was down 48 cents to $49.40.
"Supply is gradually improving in Canada, although in Norway we still have some risk," said Olivier Jakob of Petromatrix, who added a weak gasoline crack was weighing on crude.
"I don't think the case is there for $30 oil, but to go to $60 you need to see stronger support from the products."
Brent has risen by 85 percent since reaching a 12-year low in January, supported by expectations that a glut that has been weighing on prices since 2014 would start to ease and by unplanned losses from Canada to Nigeria.
Nonetheless, the return of some of that oil and concern over a slowing economy, compounded by Britain's vote to leave the European Union, are weighing near-term, analysts said.
Adding to economic concerns, industrial output in Asia's second-largest economy, Japan, slid in May at the fastest rate in three months to its lowest level since June 2013.
On the supply front, oil production in Nigeria has risen to about 1.9 million barrels per day (bpd) from 1.6 million, due to repairs and a lack of new major attacks on pipelines in the Delta region, the state oil company said on Monday.
"Short-term supply conditions look overwhelmingly bearish," said Georgi Slavov, global head of energy, iron ore and shipping research at Marex Spectron, in a report on Wednesday.
In Norway, oil companies and trade unions began two-day wage talks in a bid to avert a strike that would initially cut the country's oil and gas output by 12 percent, the Norwegian Oil and Gas Association said.
Oil gained some support from tightening supplies in the United States.
U.S. crude stockpiles fell for a sixth consecutive week, the U.S. Energy Information Administration reported on Wednesday.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.