Investing.com - Oil shed gains of about 1% Thursday as OPEC signals 9-month extension of output cuts of the same size.
U.S. crude was off 14 cents, or 0.27%, at $51.22 at 05:30 ET. Brent lost 4 cents, or 0.07%, to $53.92.
Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC producers are likely to agree to a nine-month extension.
However, he said deeper cuts are not needed now.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.