Oil rebounds on Saudi assurances Russian Federation will extend

USA crude CLcv1 rose 1.65 percent to $46.27 per barrel and Brent LCOcv1 was last at $49.14, up 1.57 percent on the day.

Oil's retreat Thursday stoked declines in other commodities from iron ore to industrial metals. The main emerging currencies were all on track for weekly losses and MSCI's closely-followed EM stocks index hit a 10-day low.

Crude futures pulled back on Thursday as investors focused on US inventories falling less than expected, deepening skepticism that production cuts from the Organization of the Petroleum Exporting Countries aren't making a big dent in elevated global stockpiles.

Better-than-expected USA non-farm payrolls data showed jobs growth rebounded sharply last month with 211,000 added and the national unemployment rate down to near a 10-year low of 4.4 percent. Crude fell $1.36, or 3 percent, to $44.16 a barrel after falling as low as $43.76 in Asian trading, wiping out all gains since the production cut agreement in November.

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Spot gold XAU= added 0.1 percent to $1,228.12 an ounce.

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

Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas said according to CNBC, "There is an obvious compelling fundamental reason to extend cuts given the inventory objective-these are simply not declining fast enough (as acknowledged by Saudi Arabia and other producers) even if we were to account for seasonal factors that limit crude oil demand like refinery maintenance". The contract lost $2.30 on Thursday.

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Ole Hansen, an analyst at Saxo Bank, said the worst of the price capitulation is potentially over but there are multiple reasons behind the latest market weakness which will continue to weigh on prices.

Crude oil prices have recovered following huge losses in the earlier session after industry group American Petroleum Institute (API) reported a fall in USA crude stocks. "If $45 was OPEC line in the sand, well it's been breached so let us see how strong OPEC resolve is", he said. MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus extended its decline to be down 0.8 percent on Friday and was trading at its lowest level since April 25.

The U.S. dollar hit its lowest level in roughly six months against the euro at $1.0999.

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