US West Texas Intermediate (WTI) futures increased 0.09 percent to $55.38 a barrel which was higher by $0.05 from its previous settlement of $55.33.
USA crude oil production C-OUT-T-EIA hit a record of 9.65 million barrels per day (bpd) this month, meaning US output has risen by nearly 15 percent since mid-2016.
The Energy Information Administration is out with the government's numbers this morning.
Benchmark Brent crude oil LCOc1 was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. The American Petroleum Institute on Tuesday had reported a 6.5 million-barrel climb, according to sources.
The West Texas Intermediate for December delivery was down 0.37 USA dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.
"After all, the need to further extend the agreement shows that the strategy is not working", commodity researchers at Commerzbank said, adding that the "key factor" was rising US shale oil output.
Analysts in a Reuters poll had expected a decrease of 2.2 million barrels.
The threat of higher shale production kept a lid on oil prices for much of 2017, but investors have recently become more optimistic on the market. As of November 7, long positions in crude oil outnumbered short positions by 317,806 contracts, the highest since April 18.
The perception that the Organization of the Petroleum Exporting Countries will extend a deal limiting oil production through March 2018 has helped support oil prices over the past few months.
Distillate inventories saw a decline this week, down 2.527 million barrels.
"It is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher", said Fatih Birol, executive director of the Paris-based IEA.
Global oil demand is expected to keep rising over the next two decades, albeit at a steadily decreasing pace, according to a new report released Tuesday by the International Energy Agency. But prices were still on track to fall almost 2 percent this week, as fears of oversupply in the United States weighed after government data showed output hit a record 9.65 million bpd last week. Analysts had expected a drop of 500,000 barrels.
The 2017 Victoria's Secret Fashion Show is right around the corner, but two of the most anticipated invitees won't be there. Supermodel Adriana Lima's visa is in limbo due to a "diplomatic problem", according to Page Six .
While Varun Dhawan welcomed Janhvi and Ishaan, Sonam Kapoor acknowledged being floored by the poster in a heartbeat. The movie is being directed by Abhishek Kapoor and is a romantic tale set on backdrop of a pilgrimage.
She tweeted United Airlines to help her find it, but once they called to say the had, she immediately knew something was off. Variety reports that McGowan was arrested and booked in Virginia with McGowan being released on a $5,000 unsecured bond.
The Cowboys running back had 783 yards on 191 carries and seven rushing touchdowns in the eight games he has played this season. With that being the case, many of you are probably wondering when Elliott will make that return to the Cowboys this season.
California , the high court overturned the conviction of a man who wore a jacket in a courtroom with the words "F*** the draft". Sheriff get your priorities in order, you should be railing against the abomination that sits in the Oval Office.
As he closes in on his murderous rage, his voiceover declares, "This world has wasted me, and yet this world also made you, Mr. Edgar Ramirez is Versace while Grammy victor Ricky Martin portrays Antonio D'Amico, his longtime partner.
McGoldrick was speaking to reporters in Geneva by phone from Amman, because he said flights into Sanaa were blocked. A malnourished Yemeni child receives treatment at a hospital in the port city of Hodeida on November 05, 2017.
That said, the company also pointed out that no customers had raised any complaints about the early departure. Japanese train services are famed for their punctuality, with significant delays relatively uncommon.
Nebraska's unemployment rate was down 0.1 percentage points from September and 0.6 percentage points from October 2016. The Pennsylvania Department of Labor & Industry released its employment situation report for October 2017.
US President Donald Trump has previously said negotiating with North Korea would be "a waste of time". China is sending a special envoy to North Korea later this week, according to the state-run media.
Long, who was the first chair of the College Football Playoff selection committee, remains a member of that crew. Long served as Arkansas' athletic director since 2008 when he took over from legendary figure Frank Broyles.