Brent crude LCOc1 ended a run of four days of consecutive gains to trade 36 cents lower at $53.51 per barrel at 0831 GMT. U.S. light crude CLc1 was down 33 cents at $50.80.

“India is very price sensitive. I need to ask how do I serve my citizens best. We are free to import oil from any part of the world . . . from the US and Canada, as well as more supplies from Russia.”

Brent crude gained 48 cents o $54.09 a barrel by 1043 GMT (6:43 a.m. ET), with U.S. light crude up 47 cents at $50.80.

Brent crude LCOc1 was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains. U.S. crude oil CLc1 was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.

Algerian energy minister Noureddine Boutarfa said Thursday he believes there is a consensus among countries participating in the OPEC/non-OPEC oil production cut deal regarding the necessity to extend the agreement by nine months through March 2018.

Brent crude was up 50 cents at $52.15 per barrel by 1330 GMT. U.S. light crude rose 39 cents to $49.05.

Brent crude was down 20 cents, or 0.4 percent, from the last close at $51.45 per barrel at 0647 GMT. U.S. West Texas Intermediate (WTI) crude was at $48.39, down 27 cents, or 0.6 percent.

Looking at 2Q17, if we assume that April’s OPEC crude oil production level of 31.8 mb/d is maintained, and nothing changes elsewhere in the balance, there is an implied stock draw of 0.7 mb/d. Adopting the same scenario approach for the second half of 2017, the stock draws are likely to be even greater. Even if this turns out to be the case, stocks at the end of 2017 might not have fallen to the five-year average, suggesting that much work remains to be done in the second half of 2017 to drain them further. In addition to production cuts and steady demand growth, a major contribution to falling crude stocks in the next few months will be a ramp-up in global crude oil runs. Starting in March, refinery activity is building up and by July global crude throughputs will have increased by 2.7 mb/d.

Brent crude oil was up 30 cents at $52.12 a barrel by 0750 GMT. U.S. light crude was 25 cents higher at $49.10 a barrel. Both benchmarks have risen more than $5 a barrel since hitting five-month lows 10 days ago.

Средняя цена на нефть Urals за период мониторинга с 15 апреля по 14 мая 2017 года составила $48,20889 за баррель, или $351,9 за тонну.

Brent crude, the global benchmark, had risen $1.20 to $52.04 a barrel by 0847 GMT (4.47 a.m. ET) and traded intraday at $52.26, the highest since April 26. U.S. crude was up $1.18 at $49.02 a barrel.

Министр энергетики Российской Федерации Александр Новак и Министр энергетики, промышленности и минеральных ресурсов Королевства Саудовская Аравия Халид Аль-Фалих провели встречу для обсуждения перспективных направлений сотрудничества в свете Совместного заявления, подписанного «на полях» Саммита «Группы 20» в Ханчжоу 5 сентября 2016 г.

International Brent crude futures were at $50.96 per barrel at 0646 GMT on Friday, up 19 cents, or 0.37 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $48.01 per barrel, up 18 cents, or 0.38 percent.

OPEC will decide formally whether to extend the cuts when its ministers meet in Vienna on May 25. The producer group and other major suppliers including Russia agreed last year to cut their collective production by about 1.8 million barrels a day for the first half of 2017 in an effort to reduce bloated global stockpiles and re-balance the market.

Iran said that it has plans to increase its crude oil production capacity by 3 million barrels per day.