But for all the talk of trade barriers, oil prices rising on supply cuts, and planned U.S. tax cuts and infrastructure spending, the global inflation outlook hasn't changed much, even if the Fed is sounding more worried about it.

Brent crude futures were trading at $54.02 per barrel at 0808 GMT, flat from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 2 cents at $50.88 per barrel.

Japanese refiners have received notices of crude supply cuts from "some producers" for January loading, following OPEC's November 30 decision to cut production.

Средняя цена на нефть Urals за период мониторинга с 15 ноября по 14 декабря 2016 года составила $47,82068 за баррель, или $349,1 за тонну.

Iraq plans to increase crude-oil exports in January, government records show, immediately raising questions about its commitment to slashing production in line with OPEC’s landmark production agreement last month.

Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.

Oil production companies recorded positive earnings from their upstream (exploration and production) operations in the third quarter of 2016 for the first time since the fourth quarter of 2014.

Oil, gas and petrochemistry are major topics of economic discussions between Iranian and Indonesian officials during the Indonesian president visit to Iran.

International Brent crude futures were down 58 cents at $55.14 per barrel at 1054 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were down 61 cents at $52.37 a barrel.

Gazprom joins Lukoil PJSC and Zarubrezhneft OAO in Russia, Iran’s Oil Minister Bijan Namdar Zanganeh said in Tehran at the signing ceremony. Salbali Karimi, managing director of the Iranian Central Oil Fields Co., and Alexander Dyukov, chairman of the management board and chief executive officer of Gazprom Neft, signed the memorandum of understanding.