Oil prices mostly held earlier losses on Wednesday after weekly U.S. government data showed an increase in crude stockpiles.
Crude futures fell earlier after an industry report suggested a larger rise in crude inventories, while concerns about the impact on global supplies of U.S. sanctions on Venezuela faded.
Benchmark Brent crude slipped 21 cents to $61.77 U.S. a barrel mid-morning Wednesday, after rallying about 15% in January. U.S. crude was down 39 cents at $53.27 U.S.
According to the U.S. Energy Information Administration, crude inventories rose by 1.3 million barrels last week, compared to the 2.5 million-barrel increase reported by industry group the American Petroleum Institute on Tuesday afternoon.
The U.S. announced sanctions on Venezuela's state oil company last week, a move which could further curb supplies, although the development has yet to result in steep price gains.
Moreover, supply cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia, have been supporting prices. Venezuela, an OPEC member, is, like Iran and Libya, exempt from making voluntary curbs under the deal.
The producers, known as OPEC+, began cutting production from last month to avert a new supply glut and OPEC has delivered almost three-quarters of its pledged cutback already.
