The Energy Information Administration on Wednesday reported that USA crude supplies declined by 1.1 million barrels for the week ended June 28.
Even though news that would normally be encouraging to the global crude sector has been reported steadily for the past week, it took the most fleeting of supportive disclosures - a decline in US rig counts - for prices to finally escalate on Wednesday, by 2.3 percent in the case of an worldwide benchmark.
Earlier this week, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to extend production cut until March 2020.
The weakness in oil was offset slightly by the outlook for global supplies.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 1.1% at $56.72 per barrel by 0310 GMT. The contract gained $1.09 on Wednesday, recovering some ground after slumping the most since May 31 in the previous session.
Brent for September settlement declined 7 cents or 0.1% to US$63.75 a barrel on the ICE Futures Europe Exchange, after adding 2.3% on Wednesday.
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Fueling the worry about declining crude demand as a result of waning economies was Barclays, which expects demand to grow at its slowest pace since 2011 (gaining less than 1 million barrels per day year-on-year in 2019); also, Morgan Stanley lowered its long-term Brent price forecast to $60 per barrel from $65 per barrel. The global benchmark crude traded at a premium of US$6.38 to WTI for the same month.
US crude inventories shrank by 1.09 million barrels last week, according to the Energy Information Administration.
A Bloomberg survey of analysts had forecast a decline in United States crude stockpiles of about 3 million barrels, while an American Petroleum Institute report suggested it would be nearly 5 million.
"This is supportive of oil prices, in our view, even as the market remains squarely focused on weak macro signals". Domestic output increased to 12.2 million barrels a day last week, resuming gains after dropping since the start of June, according to EIA data.
A day after the American Petroleum Institute's predicted a 5-million-barrel crude oil stock draw and failed to reverse oil costs' fall. Gasoline stockpiles fell by 1.58 million barrels, compared with a forecast for a 2.4 million barrel loss.