Russian Federation ready to extend oil production cut agreement with OPEC - minister

Adding to concerns about bulging inventories, traders pointed to soaring United States oil output, which is up more than 10 per cent since mid-2016 to 9.3 million bpd, nearly matching output of top producers Russian Federation and Saudi Arabia.

"The hopes of USA stock re-balancing are being thrown into doubt", said Tamas Varga, an analyst at PVM Oil Associates London. "The entire commodity space was weaker", Tran said. Oil prices stabilized in Asian trading Friday after hitting a five-month low while regiona.

CURRENCIES: The dollar strengthened to 112.59 yen from 112.46 yen.

Analysts said traders are anticipating the euro will rise above a technical barrier of $1.10 if, as expected, centrist Emmanuel Macron defeats anti-EU candidate Marine Le Pen in Sunday's vote. World shares are up for a third week and hit a record high on Wednesday.

Zimbabwe is the most highly developed country in Africa - Mugabe
"Our leaders say we are rich, they say we are developed, they say we have resources but the people do not see that, " she said. The presence of President Mugabe does not in any way benefit the country in these worldwide forums.

"We still think the market does rebalance by the end of this year as long as OPEC continues its production cuts", Amrita Sen, chief oil analyst at the London-based consultant, said in a Bloomberg television interview.

Another driver for the weakness in the oil markets has been a disappointing appetite for gasoline in the U.S.

USA data showed crude inventories USOILC=ECI fell 930,000 barrels in the week to April 28, against analysts' expectations for a decrease of 2.3 million barrels. Both had been nudged lower by the commodity market worries.

Iraq, which has faced criticism for not fully complying with its required cut, produced 4.36 million barrels per day in April, the survey found, as the Taq Taq field in the Kurdistan Region of the country has seen output decline, while exports from Iraq's Persian Gulf terminal also fell during the month. It is set to be the fourth weekly fall on the trot for the greenback, now at its lowest since November.

Trump to spend Day 100 in office talking tough on trade
He was incensed after the press reported President Barack Obama had bigger crowds at his inauguration, a comparison clearly backed up by photos.

"With continued solid job growth, the USA economic expansion will continue throughout 2017". However, it also makes it more likely that the Federal Reserve will raise its key interest rate again as soon as June.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.69 percent and MSCI's gauge of stocks across the globe.MIWD00000PUS gained 0.36 percent after touching a record high.

Brent traded volumes on Thursday reached an all-time high of almost 542,000 contracts suggesting hedge funds had accelerated cuts in their long positions.

"The risk of a higher cut is that it could trigger too strong an increase in prices and support US shale", said Giovanni Staunovo, an analyst at UBS in Zurich. "They either put up a defence here or risk further emboldening the bears for a run at the $40 threshold (for WTI)".

Friday, April 28 Overnight Forecast
This front will sweep east southeastward, so most areas east of the I-35 corridor can expect some form of strong to severe storms. Sharon Keen, wife of pastor Bobby Keen, said most homes are high enough and won't be flooded if heavy rain falls.


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