Investing.com - Oil was narrowly mixed Thursday after earlier gains of over 1% as industry data showed after a large draw in U.S. crude stocks in the latest week.
U.S. crude was up 11 cents, or 0.23%, at $48.43 at 08:45 ET. Brent was flat at $50.76.
American Petroleum Institute data Wednesday showed a fall in U.S. crude stockpiles of 8.67 million barrels.
The Energy Information Administration is forecast to report Thursday a fall in crude inventories of 2.52 million barrels.
The market shrugged off a private sector report that showed Chinese manufacturing contracting for the first time in 11 months in May.
Oil settled 2% lower overnight despite renewed Saudi, Russian pledges to reduce global inventories.
OPEC and non-OPEC producers have agreed to extend output cuts for another nine months.
The scale back in output remains at 1.8 million barrels a day agreed for the first half of this year.