Oil down on lower than expected drop in U.S. inventories

Mining giant Rio Tinto hit a six-month low, Glencore was set for its worst weekly loss in two months and copper miner Antofagasta since December.

A man smokes outside the Hong Kong Stock Exchange, Friday, May 5, 2017.

There was also a sign of slowing energy demand in China, the world's second largest oil consumer, when a survey showed growth in that country's services sector in April was at its slowest in nearly a year.

Kim Kardashian announces new Glam Masters reality show
Lifetime has greenlit the new competition series, GLAM MASTERS, from style icon, Kim Kardashian West who will executive produce. Bloggers and beauty-junkies can apply for a chance to vie for one of three spots in the Tournament of Masters finale.

Spot gold XAU= added 0.1 percent to $1,228.12 an ounce. Wall Street was poised to open slightly higher. The Standard & Poor's 500 index rose 0.1 percent to close at 2,389.52. It fell 4% on Thursday. A bright spot in the USA economy, the highly-anticipated April jobs report follows a preliminary estimate for the first quarter that growth in gross domestic product was less than 1 percent. However, it also makes it more likely that the Federal Reserve will raise its key interest rate again as soon as June.

While OPEC is cutting back to alleviate price pressures, US fracking companies could jump to capitalize on the windfall as crude oil prices jump back above $50 per barrel - according to some estimates, shale oil producers can get by with oil at just over $50 per barrel due to advancements in technology and drilling techniques that have helped cut down costs.

A survey conducted by the news agency found that production from the OPEC members fell for the fourth consecutive month in April.

Does Turkey Think Trump's Resolve in Syria is Weakening?
Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech at a conference in Istanbul , Saturday, April 29, 2017. The strike in Syria reportedly hit the area, where YPG headquarters are located, killing almost 30 YPG fighters and officials.

Crude futures pulled back on Thursday as investors focused on US inventories falling less than expected, deepening skepticism that production cuts from the Organization of the Petroleum Exporting Countries aren't making a big dent in elevated global stockpiles. The contract lost $2.30 on Thursday. S&P Global Platts said US oil has become more price-competitive, with West Texas Intermediate offered at a discount to Dubai crude, the main benchmark for Middle East supply to Asia.

Thanks to the shale boom, the U.S.is now a major oil exporter, which could threaten oil prices.

QUOTEWORTHY: "The collapse in oil prices saw (benchmark West Texas Intermediate) plunge as the market continues to probe for a bottom amid oversupply concerns", said Stephen Innes, senior trader at OANDA. "If $45 was OPEC line in the sand, well it's been breached so let us see how strong OPEC resolve is", he said. Australia's S&P/ASX 200 fell 0.7 percent to 5,836.60. Japan and South Korea remain closed for the spring holiday.

'Masters of the Universe' Gets a Release Date, Loses a Director
Whether or not you're happy with that will depend on how much you like Goyer, but here's where things get really interesting. Entertainment Weekly reports McG dropped out and a new director might step in his place.

In currencies, the Australian dollar has been hit hard, falling almost 0.5% against the United States dollar in the past 24 hours. The euro edged up to $1.09876 from $1.0984.

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