West Texas Intermediate, the USA benchmark for the price of oil, was down 0.4 percent to $47.86 per barrel.
Analysts said the gains were a sign that the crude benchmarks, trading roughly 12 percent below the highs reached in January this year, had leveled out.
On Monday, rating firm Moody's raised the outlook for the global integrated oil and gas sector from stable to positive, noting that the production curb will allow producers' operating margins to improve as prices increase.
Some say the gush of new USA oil in the market, combined with rising production out of Libya, will leave OPEC little choice but to prolong the production cut plan beyond the initial January-June period.
"With U.S. crude stocks continuing to mount into record territory both in total and at Cushing following nearly two months of OPEC production restraint, we feel that the odds of a gradual unraveling in the OPEC agreement have been increased significantly", Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.
Oil ministers from OPEC and some non-OPEC states meet on Sunday in Kuwait, where they are expected to discuss compliance. Total volume traded was about 43 percent above the 100-day average.
Even with murmurings about a possible extension to production cuts implemented by OPEC and non-OPEC members in the first half year, Dhar says that the risk to his average crude price of $US50-60 per barrel this year appear slanted to the downside due to the ongoing lift in United States supply.
Analysts polled by S&P Global Platts had forecast a climb of 2 million barrels for crude supplies, while the American Petroleum Institute late Tuesday reported a 4.5 million-barrel climb.
The U.S. Energy Information Administration on Wednesday reported that domestic crude-oil supplies rose by 5 million barrels for the week ended March 17. USA oil drillers boosted the rig count to 631 last week, the most since September 2015, Baker Hughes data show.
OPEC has broadly met its commitments to reduce output, but non-OPEC producers have yet to fully deliver on pledged cuts and US shale oil producers have been pumping more oil after crude prices recovered from last year's drop below $30.
Crude futures rebounded Thursday after data showed US gasoline and distillates stocks declined in the latest reporting week, signalling that refiners have returned from maintenance and crude demand in the U.S.is set to rise.
We're sure Yamaguchi is aware that Tonya Harding injured Nancy Kerrigan's leg in 1994 which caused Kerrigan to miss the U.S. While Yamaguchi's tweet may have been an unfortunate use of words, it didn't stop users from pointing out the tweets irony.
If you can't wait for the notification, you can head over to Settings About Phone System Update to manually check for the update. However, it is worth noting that the update is being rolled out to users in batches and will soon be available for everyone.
The Republican president offered no evidence for the allegation, which an Obama spokesman has said was "simply false". Charlie Dent, R-Pa., called the accusation against Britain "inexplicable" and the accusation against Obama unfounded.
Investigators said employees at the food-processing giants JBS and BRF paid federal inspectors to ignore problems with meat. JBS is the world's largest meat producer and BRF the biggest poultry exporter.
Asked whether he believed the transition team had been spied on, Nunes said: "It all depends on one's definition of spying". Nunes said he alerted House Speaker Paul Ryan about the collection and is traveling to the White House Wednesday afternoon.
Last Tuesday, North Korea blocked all Malaysians from leaving the country until a "fair settlement" of the case is reached. He accused the regime of "holding our citizens hostage" before deciding Malaysia would do the same with North Koreans.
Video images obtained by AFP showed firefighters battling to put out the blaze as thick black smoke billowed from the aircraft. When the plane crashed, its door flew open, which allowed the pilot and rescue crews to get everybody out, Youngule said.
McGregor challenged the NAC'S verdict in court and requested a re-hearing, a motion the commission will discuss later today. McGregor is also expected to move to Las Vegas for the fight after birth of his first child in late April or early May.
It is also more bad news for consumers who have already seen their purse strings squeezed with rising prices and stagnating wages. The central bank could now come under pressure to hike interest rates from their current ultra-low levels.
The Indian High Commission in Islamabad has informed Pakistan's foreign office about missing Syed Asif Ali and his brother. However Indian agencies have learnt that the duo was picked up and detained by the agencies in Pakistan.
Starbucks To Hire More Vets, Confirms Expansion Plans
Johnson said Starbucks has already deployed measures to improve the customer experience and reduce congestion inside its stores. Schultz noted that someone who invested $1,000 in 1992, at Starbucks initial-public offering, would have $180,000 today.
Canadian hacker, Russian spies charged in Yahoo breach
Toronto police said Baratov was arrested Tuesday in the Ontario community of Ancaster at the request of American authorities. McCord described the FSB as an intelligence and law enforcement agency and a successor to the Soviet Union's KGB.
LeBron James Benefits From Kevin Love's 2-Way Rebound
It was the Jazz's offense that really prevented them from winning the second and toughest game of this four-game road trip. It was so good to see Love back on the court and now the next step will be getting rid of the limit on his minutes.