Oil prices erased some of the gains on Wednesday after U.S. inventory data showed a smaller-than-forecast decline.
Information released Wednesday by the U.S. Energy Information Administration showed commercial crude oil inventories decreased by 1.1 million barrels from the previous week.
Brent crude futures were trading up 48 cents at $62.90 U.S. a barrel.
U.S. crude futures were up 17 cents at $56.42 a barrel. Both benchmarks fell more than 4% on Tuesday as worries about a slowing global economy.
The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts next March, as members overcame differences in an effort to prop up prices.
Before the release, industry group the American Petroleum Institute (API) said that U.S. crude inventories fell by five million barrels last week, more than the expected decrease of three million barrels.
Analysts from Citi Research also said the OPEC+ agreement to extend oil output cuts for nine months should draw down oil inventories in the second half of this year, boosting oil prices.
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