Futures were little changed after climbing 3.8% on Tuesday.
OPEC and its allies, an alliance known as OPEC+, have been reducing oil output by 1.2 million barrels per day since January 1 to support the market.
To be sure, in late May, TankerTrackers announced the takeoff of Iran's first oil payload after the expiry of the USA endorse waivers, including satellite symbolism as verification.
There's "likely no escalation of the trade war in the near term, which reduces the oil demand concerns", said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.
- Brent is a "coiled spring" and may surge to US$75 a barrel over summer on improving fundamentals, rising geopolitical tensions in the Middle East and financial positioning, according to Citigroup. Still, swelling American inventories and a deepening U.S. -China trade spat dented the demand outlook.
Whilst tensions in the middle east have caused the spike in oil prices today and earlier in the month, there are several other factors supporting oil.
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As of mid-afternoon Thursday, WTI crude oil prices are trading at nearly $57 after President Trump tweeted that Iran made a "very big mistake" by shooting down a USA spy drone over the Strait of Hormuz. Futures rose US$1.97 to US$53.90 on Tuesday, the biggest gain since Jan 9.
Brent crude futures rose $1.13, or 1.8 percent, to $62.95 a barrel at 0611 GMT. The global benchmark traded at a US$7.64 premium to WTI for the same month.
Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russian Federation, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month. His remarks echoed views expressed over the weekend by Saudi Energy Minister Khalid Al-Falih and earlier in the month by Iraqi Oil Minister Thamir Ghadhban.
Trade talks between the world's two biggest economies continue to have a major influence on the market.
U.S. President Donald Trump offered some support, by saying preparations were starting for him to meet Chinese President Xi Jinping next week at the G20 summit in Osaka, Japan.
The current meeting was to be held in April, but then postponed to June before the current July date. Trump has repeatedly threatened to slap more tariffs on Chinese goods. What's more, total OPEC exports are not falling as much as previously expected as Iran continues to ship oil overseas.
The organization said worldwide oil inventories ascended by as much as 40 million barrels in May alone on the back of flimsier interest from purifiers and end shoppers just as the relentless and solid development in US light unrefined creation.