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.
Venezuela illegally seizes auto plant: General Motors
The opposition has called for a "march of silence" in all parts of the country on Saturday and a national road blockage on Monday. The current wave of marches, the most sustained protests against Maduro since 2014, has sparked regular melees.
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).
Trump wrote on Twitter that "someone" should investigate "who paid for the small organized rallies yesterday". Trump says during the first presidential debate that his taxes will be released once an audit is finished.
It added that its marketing spend would be ramped up, with more that US$1bn alone being spent on advertising its content. Netflix's first-quarter earnings, released today, revealed there's one area it has no interest in competing in: live TV.
Hard-left candidate Jean-Luc Melenchon is not too far behind with 20 percent, while conservative Francois Fillon has 19 percent. A poster for independent centrist presidential candidate Emmanuel Macron is displayed in Paris, France, Monday, April 17, 2017.
In its two games against Indiana, Cleveland has gotten worse, allowing 115.3 points per 100 possessions in the playoffs. The Pacers are going to need Stephenson to be at his very best if they want to beat Cleveland .
District Court judge found that Congress did not specifically authorize the payments, making the expenditure unconstitutional. Curbs on "special enrollment periods" that allow consumers to sign up outside the normal open enrollment window.
Chaffetz told Politico he's looking at a "number of things", adding that he'd "be thrilled to have a television relationship". Then again, Chaffetz would hardly be the first politician to rule out a political run, only to run for office anyway.
ISIS also claimed credit for the November 2015 attack that saw 130 people shot to death at a concert hall and neighboring venues. Police killed one man whom they said was armed shortly after the shooting, in which two others were severely wounded.
He fell to the ice, as blood spilled onto the ice around him - there was eventually a trail to the Columbus bench. Columbus Blue Jackets defenceman Zach Werenski on a better day, during the regular National Hockey League season.
Smith limping off with a hamstring injury. "We're right there on turning the switch on what we really can become", James said. IN shot almost 50 percent from the field and rarely do you consistently win when your opponent is making half their shots.
The programme is being developed along with Japan and aims to shoot down North Korean missiles that pose a threat to the US. Kim In Ryong told a news conference Monday that U.S. "But dialogue for the sake of having dialogue is meaningless".
Singer Cuba Gooding Sr found dead in his car
TMZ reports police officers found the musician "slumped over in his silver Jaguar, parked on Ventura Blvd". The couple married in 1966 but reportedly split up eight years later, eventually remarrying in 1995.
2 officers killed in Paris attack; shooter 'neutralized'
One of the suspects had allegedly attempted to send members of Islamic State a video pledging allegiance or claiming an attack. He had been arrested in February on suspicion of plotting to kill police officers but released because of lack of evidence.
French candidates spar over corruption in debate
Le Pen said she had "not voted for the text" in the European Parliament, but did not specify that she had only abstained. Le Pen has pushed to normalize the ultra-conservative National Front and scour racism and anti-Semitism from its ranks.
Turkey referendum: Protests continue in Turkish cities
Turkey's main opposition party has filed a formal request seeking the referendum to be annulled because of voting irregularities . Hundreds of demonstrators marched in a central neighbourhood, clanking pots and pans and chant.
Ruling clears way for Arkansas' 1st execution since 2005
Lee, 51, was sentenced to death in October 1995 in Pulaski County, Arkansas, for the murder of 26-year-old Debra Reese. Another day of intense legal wrangling kept Lee alive until just before his death warrant expired at midnight.