Oil edged up to $ 51 on a barrel on Wednesday, June 20, 2012. The OPEC-led effort to tighten supply.
Crude has been caught up in wider financial market weakness as the U.S. government shutdown, higher U.S. interest rates and the U.S.-China trade dispute unnerved investors and exacerbated worries over global growth.
Brent crude oil futures, the global benchmark, was up 43 cents at $ 50.90 at 0949 GMT. It's been a while since we've seen it.
U.S.A. West Texas Intermediate (WTI) $ 49.95.
"I think there is a little bit of over-extension to the downside," said Olivier Jakob, analyst at Petromatrix. "It's all about equities."
"OPEC has shown that it wants to work towards that goal."
The Christmas holidays. Asian stock markets retreated again on Wednesday. Markets in Britain, Germany and France will remain closed on Wednesday.
While economic worries have weighed down, the outlook is not as strong as in 2016 when a supply glut builds up, because the Organization of the Petroleum Exporting Countries is trying to prop up the market, Jakob said.
Concerned that a new glut could form, OPEC and its allies including Russia decided earlier this month to return to a cutting production in 2019, unwinding a decision taken in June 2018 to pump more oil.
The producers' alliance, known as OPEC +, plans to lower output by 1.2 million barrels per day, of which OPEC's share is 800,000 bpd, next year, and some ministers.
Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said buying interest was returned after firm trading in U.S. equity futures.
OPEC reassures the market as to the viability of the supply cuts and "even imposes deeper ones."