The oil price got an early lift from comments by the secretary-general of the Organization of the Petroleum Exporting Countries, who said the group was committed to restoring market stability by bringing global inventories down to the industry's five-year average.
More barrels could be on their way to market from USA shale fields as financial companies are investing billions in production, a Reuters analysis showed.
OPEC and other producers such as Russian Federation agreed to cut output by almost 1.8 million barrels per day in the first half of 2017 to drain a supply overhang that has persisted for nearly three years.
Arkansas governor disappointed by court ruling
A series of rulings by state and federal judges have cast doubt on whether any of the executions will go forward. The court hasn't explained its reasoning in any of its one-page stay-of-execution orders for the three inmates.
The American Petroleum Institute will release its weekly crude oil inventory report this afternoon.
Oil dropped to a two-week low after a report showed USA gasoline supplies gained for the first time in nine weeks as crude output rose.
"Crude oil prices were slightly weaker as the focus turned back to US inventories and output", ANZ bank said on Wednesday.
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They had some chances, none better than first-period breakaways for Torrey Mitchell and Andrew Shaw, but they fell woefully short. Lundqvist lost his stick for a second time about five minutes later, but the puck was cleared out of danger.
A reduction in commercial US crude stocks, which fell 1 million barrels last week to 532.34 million barrels, according to the US Energy Information Administration (EIA), also supported prices, traders said. Gasoline consumption also declined by about 1 percent to 9.3 million barrels.
US crude inventories, however, fell by 1.0 million barrels last week to 532.3 million barrels, said the EIA. Russian Federation and 10 other non-OPEC producers agreed to cut half as much. "This, along with the increasing rig count and another increase in the [drilled but uncompleted] well count (up another 111 wells), means that US production supply will continue to move up", he said. US WTI crude futures rose 1 cent to $52.66 a barrel. U.S. output, almost 55% of which comes from its seven major shale plays, averaged 9.25 million b/d in the week ended April 14, up almost half a million barrels a day versus the end of 2016, and around 820,000 b/d higher than the recent trough of July 2016, according to the latest EIA data.
Refineries processed 16.9 MMbopd, up 241,000 bbl from the prior week and the highest since the record 17.1 million was touched in January. Prices, which posted a gain of roughly 1.8% last week, settled at their worst level since April 7, FactSet data show.
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He said he feared that members of the group could face prosecution if they continued to gather and study the Bible. Jehovah's Witnesses will not be able to congregate for worship at their church or anywhere else.
Distillate stockpiles, which include diesel and heating oil, fell by 2 million barrels, versus expectations for a 1 million-barrel drop, the EIA data showed.