Oil rebounds on Saudi assurances Russian Federation will extend supply cuts

But analysts say non-OPEC members may struggle to extend production cuts. But after getting an initial lift from the deal, prices slipped into a downward spiral in mid-April that intensified this week.

Chinese stocks led regional losers, falling to a three-month low as concerns about tighter financial regulations weighed on banking shares while oil plays such as Petrochina and Sinopec tumbled on oil's retreat below the $45 per barrel mark. But it's still down more than 8% since the start of the week.

Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France's presidential election.

A screen shows the world stock index with the reflection of a worker cleaning a window at the Hong Kong Stock Exchange, Friday, May 5, 2017. Sinopec sank 2.9% and PetroChina fell 2.1%.

Victorious Anthony Joshua willing to face Wladimir Klitschko in a rematch
Klitschko didn't fall down after the uppercut, but Joshua was all over the stunned former champ and dropped him with a left hook. He tweeted: "Well done @anthonyfjoshua good fight, you had life & death with @klitschko & I played with the guy, let's dance".

USA drillers last week added rigs for the 15th week in a row, reaching the highest level since August 2015.

WALL STREET: Major U.S. benchmarks were little changed. Yet, oil prices continue sliding, proving the point that US production is contributing to lower prices. But shale is on the comeback trail now, aided by technological advances and leaner business models that have allowed companies to pump profitably at far lower prices than before.

"It is now-or-never for oil bulls", said USA commodity analysis firm The Schork Report.

That rebound has overshadowed efforts by OPEC and non-OPEC members like Russian Federation to support the oil market. On one hand, it shows its commitment from OPEC's kingpin to make the supply cut agreement work.

Weak demand, prices impact Goodyear's first quarter
The company also released its Europe, Middle East, and Africa segment earnings , as well as its Asia Pacific segment earnings . The overall volume in the last trading session was 3.87 million shares, versus the average volume of 2.62 million shares.

Impacted heavily by militancy over the past year, Nigeria and Libya are exempt from the production deal, which led some OPEC watchers, according to Platts, to doubt the effectiveness of the agreement, if production from the two countries were to recover and offset any cuts. Analysts have forecast further losses amid signs that demand will not be strong enough to soak up the excess production. "This week's US figures did not provide that evidence". Meanwhile, American production has roared back, growing by 523,000 barrels a day this year to the highest level in nearly two years as investment returns, according to the Energy Information Administration.

All of this adds to the pressure on OPEC, which is meeting on May 25 in Vienna.

Things only fully stabilised when Saudi Arabia's OPEC chief hit the wires in European hours, saying there was a growing consensus among oil pumping countries that they needed to continue to "rebalance" the market.

The cyclist pedalling the globe for climate change evidence
The rally in Washington, where temperatures soared above 90 degrees, was among more than 300 held in cities across the globe. The administration is grappling with a major climate policy decision: whether to remain in the Paris climate agreement .

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