Crude prices were slightly higher on Thursday, as the restart of two key Libyan oilfields fed concern over whether major oil producers can alleviate the glut of global inventories, but signs of extension of the output-cut deal by the OPEC countries provided a floor. Front-month U.S. West Texas Intermediate crude futures closed up 0.06 percent to $49.24 a barrel. Front-month Brent crude futures settled up 0.39 percent to $51.70 a barrel. The spread between the two benchmarks stood at $2.46 a barrel. (The update will suspend publishing during the Labor Day holiday. The issue on May 2nd will introduce the market in the previous trading session.)

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