The U.S. benchmark closed 0.4 per cent higher on Tuesday.
U.S. Crude Oil WTI Futures were at $51.85 per barrel at 1:26 AM ET (05:26 GMT) after dipping to $51.31 earlier on Thursday.
US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. -China trade conflict and the new trade dispute that the US opened with Mexico just last week will start to impact global economic growth and lead to slowdown in economic activity and oil demand growth.
"In fact, the Venezuelan-sanction inspired bounce in prices helped CTAs call off their recent round of selling, in yet another case of a whipsaw for the algos that should see them halt their selling in WTI crude oil, gasoline and heating oil and marginally cover shorts".
However, outside OPEC+ supply is increasing not only in the United States.
Amid surging output, U.S. commercial crude inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017.
USA commercial crude inventories also rose to their highest since July 2017.
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"Demand is weakening much more rapidly than we had expected", Morgan Stanley analysts said in a note on Wednesday.
"I can't stress enough how bearish today data's was today on crude, with a massive build even in gasoline", said Tariq Zahir, founder of the oil-focused Tyche Capital Advisors fund in NY. Prior to that, production at Kashagan was about 330,000 to 340,000 bpd.
-China trade war and soaring US oil production and inventories weighed down on the price of oil, which booked its worst monthly decline since November previous year.
To make things worse, strong USA production growth and surging inventories have exacerbated downward pressures on oil prices.
US crude oil production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018.
(GRAPHIC-Oil moves into bear market link: tmsnrt.rs/2WFCqy7).
Morgan Stanley dropped its forecast for increased in oil demand for 2019 from 1.2 million barrel per day to 1.0 million barrel per day, and cut its Brent price forecast for the second half of 2019 to $65-$70 per barrel, from $75-$80. The main driver? Optimism over US-Mexico trade talks and a possibility of OPEC+ members agreeing to extend supply cuts beyond June.