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.

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.

U.S. crude CLc1 fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. Brent was down $2.07, or 4.1 percent to $48.71.

Saudi Arabia, the world’s largest crude exporter, cut pricing for June oil exports to Asia as it fights to defend sales in its biggest regional market. The kingdom raised pricing to all other regions.

NYMEX crude for June delivery CLc1 was down 12 cents at $49.21 a barrel by 0619 GMT. London Brent crude for new front-month delivery in July LCOc1 was down 15 cents at $51.90.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.37 per barrel at 0644 GMT, down 25 cents, or 0.5 percent from their last close. WTI has lost around 8.5 percent in value from its April peak. Brent crude futures, the international benchmark for oil prices, were at $51.63 per barrel, down 19 cents, or 0.37 percent. Brent is almost 9 percent below its April peak.

The World Bank is holding steady its crude oil price forecast for this year at $55 per barrel, increasing to an average of $60 per barrel in 2018. Rising oil prices, supported by production cutbacks by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, will allow markets to gradually rebalance. These oil price forecasts are subject to downside risks should the rebound in the U.S. shale oil industry be greater than expected.

“If OPEC and the coalition don’t extend the agreement to continue cuts, that price floor will go,” he said. “Without it, prices would fall, and there’s nothing to stop oil going below $40 a barrel.”

The June crude oil contract on the New York Mercantile Exchange dropped 39¢ on Apr. 24 to close at $49.23/bbl. The July contract decreased 39¢ to $49.58/bbl. The natural gas price for May fell 3.5¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price was $2.98, down 6¢. The Brent crude contract for June on London’s ICE fell 36¢ to settle at $51.60/bbl. The July contract was down 31¢ to $52.13/bbl. The May gas oil contract declined $1.75 to $465.75/tonne. OPEC’s basket of crudes closed Apr. 24 at $49.64/bbl, down 35¢.

Brent crude futures were at $53.34 per barrel at 0715 GMT (3:15 a.m. ET), up 41 cents, or 0.77 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.63 percent, to $50.76 a barrel.

"There is consensus building but it's not done yet," he told reporters on the sidelines of a conference in the United Arab Emirates. Asked about non-OPEC producer Russia, Falih replied: "We are talking to all countries. We have not reached an agreement for sure, but the consensus is building."

The crude oil contract for May delivery on the New York Mercantile Exchange fell 53¢ on Apr. 17 to close at $52.65/bbl. The June contract lost 49¢ to $53.11/bbl. The natural gas price for May declined 6.4¢ to a rounded $3.16/MMbtu. The Henry Hub cash gas price closed Apr. 17 at $3.06/MMbtu, up 8¢. The Brent crude contract for June on London’s ICE also declined 53¢, settling at $55.36/bbl. The July contract was down 49¢ to $55.88/bbl. The gas oil contract for May lost 25¢ at $497.75/tonne. The average price for OPEC’s basket of benchmark crudes on Apr. 17 was $52.94/bbl, down 43¢.

OPEC and several other producers including Russia agreed in December to pump less oil in an orchestrated effort to end an oversupply weighing on prices. Compliance with the cuts was more robust in March compared to the previous month, Barkindo said. Brent crude has gained about 19 percent since OPEC decided to pare output, and the benchmark grade was 24 cents higher at $55.13 a barrel at 11:59 a.m. in London.

Iranian Minister of Petroleum Bijan Zangeneh says he believes most members of the Organization of the Petroleum Exporting Countries (OPEC) would endorse extension of the organization's output cut initiative in the upcoming OPEC meeting, adding Iran would also support the cut extension if other members unanimously back it.