Oil prices mixed after US production seen rising

Data released Wednesday by the Energy Information Administration (EIA) showed that USA commercial crude inventories decreased by one million barrels from one week ago, falling to 532.3 million.

US crude production rose to 9.252 million barrels per day from 9.235 million barrels in the week prior, continuing a strong rebound, according to EIA.

Earlier Wednesday, OPEC's Secretary-General Mohammad Barkindo said that the cartel and other major oil producers are moving closer to end the worlds's glut oil. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) fell $0.16 to trade at $54.73.

"It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam", wrote Tamas Varga, PVM Oil Associates analyst, noting concerns about the "ever-increasing rise" in USA shale output.

Thirteen members of the Organisation of the Petroleum Exporting Countries (OPEC) and 11 non-OPEC members agreed to cut production by about 1.8 million barrels a day to prop up oil prices in December previous year.

OPEC agreed to cut output by 1.2 million barrels a day for the first six months of 2017, while 11 other non-OPEC countries including Russian Federation agreed to limit supply. Joint talks with non-OPEC oil ministers will also take place that day, two sources said.

Brent futures were up 10 cents to $53.03 a barrel were at 1:28 p.m. EDT.

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Oil prices dipped on Wednesday as bloated United States supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country.

More barrels could be on their way to the market from US shale fields as financial companies are investing billions in production, a Reuters analysis showed.

Oil producers are showing "very good" compliance with pledged production cuts, Saudi Energy Minister Khalid Al-Falih said Monday in Riyadh.

World oil demand growth in 2016 was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d. However, that level was still near a record high.

A surprise build in U.S. gasoline stocks last week triggered a sharp sell-off across the oil complex Wednesday, even though weekly United States inventory data also showed draws in both crude and distillate inventories.

Official US oil data is expected to be published later on Wednesday by the Energy Information Administration (EIA).

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