Investing.com - Oil sank Thursday as it shed early gains of about 1% as OPEC signaled a nine-month extension of output cuts of the same magnitude.
U.S. crude was off 80 cents, or 1.56% at $50.56 at 08:00 ET. Brent lost 70 cents, or 1.30%, to $53.26.
Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC producers are likely to agree to a nine-month extension.
However, he also said deeper cuts are not needed for the meanwhile.
An official OPEC statement is due out later in the session.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
The expected decision to extend the time frame for the cuts comes after a further increase in U.S. shale activity.
U.S. production has risen by over 10% since mid-2016 to some 9.3 million barrels a day.