West Texas Intermediate crude oil has given up most of its early gains. WTI rallied more than 1% early on Thursday after Saudi oil minister Khalid Al-Falih suggested major oil producers could extend their agreed upon cuts.
“There is an initial agreement that we might be obligated to extend to get to our target,” Al-Falih told attendees at a conference in Abu Dabi, according to Bloomberg.
However, WTI failed to break above the $51 level and has rolled back over.
The energy component trades up just 0.16% at $50.93 a barrel after gaining about 1% early on Thursday. WTI tumbled 4% on Wednesday following a smaller than expected drawdown in oil inventories and the first jump in gasoline supplies in several months.
WTI has not been below the $50 level since April 4.
Brent crude oil, the international benchmark, is higher by 0.36% at $53.12 a barrel.