The API reported a 2.5M barrel build during last week.
However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday.
The American Petroleum Institute (API) on Tuesday reported an increase of 2.514 million barrels in the USA crude oil inventories for the week ending February 1.
Even in the event of a speedy political resolution, production will probably fall to 890,000 barrels a day in 2019 due to "an extraordinarily deteriorated industry that is short on expertise and direction", said Mara Roberts Duque, a BMI Research analyst based in NY.
"The collapse in oil prices late a year ago has resulted in more cautious spending by U.S. oil explorers", said Dhar. -China trade talks. Expect a bullish reaction by crude oil traders if Trump sounds optimistic about the progress of a trade deal.
Benchmark Brent crude had slipped 62 cents to $61.36 a barrel by 1000 GMT, after rallying about 15 percent in January.
Supply cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, have been supporting prices. This means that Europeans are likely to join the US oil sanctions against Venezuela, analysts at Commerzbank said in a note, a move that could further hinder supply from the South American country.
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The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three-quarters of its pledged cuts already, a Reuters survey showed last week.
USA sanctions on Venezuela's state oil company could also lift prices, though they have yet to trigger any sharp increase. The sanctions aim to block US refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro.
However, a stronger United States dollar limited gains on Wednesday.
"Despite several forays in WTI above our prior resistance of $55, the market continues to draft back down largely under the pressure of this week's stronger dollar", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.
The statements come after Venezuelan President Nicolas Maduro criticized U.S. sanctions on Venezuelan state energy giant PDVSA on 5 February and said that the restrictions were tantamount to illegal seizure.