Brent LCOc1 was 60 cents higher at $50.82 a barrel by 1255 GMT (8.55 a.m. ET) after hitting an early high of $51.09. U.S. light crude oil CLc1 was last up 60 cents at $47.93.

Средняя цена нефти марки Urals по итогам января – апреля 2017 года составила $ 51,84 за баррель. В 2016 году средняя цена на Urals в январе – апреля составила $ 33,93 за баррель. Средняя цена на нефть марки Urals в апреле 2017 года сложилась в размере $ 51,11 за баррель, что в 1,28 раза выше, чем в марте 2016 года ($39,63 за баррель).

Construction of the TurkStream gas pipeline was commenced in the Black Sea near the Russian coast.

Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India's Essar Oil Ltd because six of Essar's Indian creditors have yet to approve the deal, sources close to the talks said.

Net income attributable to Rosneft shareholders amounted to RUB 13 bln in 1Q 2017 (+8.3% vs adjusted net income in 1Q 2016) in view of significant negative effect of foreign exchange rates due to RUB appreciation.

TESCO reported a U.S. GAAP net loss of $13.7 million, or $(0.29) per share, in the first quarter of 2017. Adjusted net loss for the quarter was $13.4 million, or $(0.29) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, in the fourth quarter of 2016, and a U.S. GAAP net loss of $56.8 million, or $(1.45) per diluted share, in the first quarter of 2016. Adjusted net loss in the fourth quarter of 2016 was $13.3 million, or $(0.28) per diluted share, and in the first quarter of 2016 was $17.9 million, or $(0.46) per diluted share.

Global benchmark Brent crude LCOc1 was up 68 cents at $49.41 a barrel by 1327 GMT (9.27 a.m. ET). U.S. light crude CLc1 oil was 69 cents higher at $46.57 a barrel.

North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.

Investors cut their bullish bets on the oil price to the lowest level since OPEC reached a deal to cut output last year, amid continued doubts about the effectiveness of that agreement.

Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than when it agreed the supply deal back in November, having cut volumes for little upside on price.

U.S. crude CLcv1 rose 2.09 percent to $46.47 per barrel and Brent LCOcv1 was last at $49.45, up 2.21 percent on the day.

"The good news is that the market is moving towards rebalancing," Saudi Aramco CEO Amin Nasser said at the International Oil Summit in Paris last week. "There has also been a rapid drawdown of floating storage in the first quarter of this year. This is being driven by improving fundamentals and the OPEC deal."

OPEC's largest producer Saudi Arabia averaged 9.97 million b/d in April, according to the survey, below its quota under the deal of 10.058 million b/d.

In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 3/4 to 1 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.

One of the highest priorities in Russia's gas export and marketing strategy is establishing its own southern corridor for gas exports to Europe, in competition with the EU-backed project.