International benchmark Brent crude futures were at $49.28 per barrel 0501 GMT, down 2 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.89 per barrel, down 3 cents.

Fitch Ratings anticipates most investment-grade and 'BB' category U.S. E&P companies will see minimal ratings changes in a steady $45 per barrel environment as the realization of further production efficiency gains and lower costs per barrel of oil equivalent (boe) should contribute to resilient margins and cash flow.

Brent crude futures LCOc1, the international benchmark, were up 11 cents at $48.95 per barrel at 0925 GMT. U.S. West Texas Intermediate crude futures CLc1 were at $46.50 per barrel, up 10 cents.

IMF: Canada’s economy expanded at an annual pace of nearly 4 percent in the first quarter of 2017—the fastest growth rate among the Group of 7 countries. With the economy’s adjustment to lower oil prices almost complete, growth is expected to accelerate to 2.5 percent this year, up from 1.5 percent in 2016.

Brent crude futures were at $49.02 per barrel at 0656 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.64 per barrel, up 10 cents, or 0.2 percent.

Brent crude futures LCOc1, the international benchmark for oil prices, were down 7 cents, or 0.1 percent, at $48.35 per barrel at 0443 GMT (12:43 a.m. ET), but up 3.5 percent for the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.97 per barrel, down 11 cents, or 0.2 percent, but up around 4 percent over the week.

EIA now forecasts Brent crude oil spot prices to average $51 per barrel (b) in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/b lower than Brent prices in 2017 and 2018.

Oil prices rose more than 1 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures were up 60 cents, or 1.3 percent, at $48.12 per barrel by 0657 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.72 per barrel, up 68 cents, or 1.5 percent.

Brent crude oil prices are forecast to average $51/b in 2017 and $52/b in 2018. Average West Texas Intermediate (WTI) crude oil prices are forecast to be $2/b lower than the Brent price in both 2017 and 2018. Henry Hub natural gas spot prices are forecast to average $3.10 per million British thermal units (MMBtu) in 2017 and $3.40/MMBtu in 2018.

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said.