Investing.com - Oil prices rose during European morning hours on Thursday, bouncing off the prior session's one-week low as market players awaited fresh weekly information on U.S. stockpiles of crude and refined products.
Crude oil for February delivery on the New York Mercantile Exchange tacked on 65 cents, or around 1.3%, to $51.73 a barrel by 4:00AM ET (09:00GMT), after tumbling $1.37, or nearly 2.6%, a day earlier.
U.S. crude prices sank to a one-week low of $50.91 on Wednesday after the head of the International Energy Agency predicted a "significant" boost to U.S. output.
Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London climbed 75 cents, or 1.4%, to $54.67 a barrel, after falling $1.55, or 2.8%, in the prior session. London-traded Brent futures slid to a low of $53.77 on Wednesday.
The U.S. Energy Information Administration will release its weekly report on oil supplies at 11:00AM ET (16:00GMT) Thursday, amid analyst expectations for a decline of 342,000 barrels.
Gasoline inventories are expected to rise by 2.0 million barrels while stocks of distillates, which include heating oil and diesel, are forecast to increase by 0.2 million barrels.
This week's report comes out one day later than usual due to Monday's Martin Luther King Jr. holiday.
After markets closed Wednesday, the American Petroleum Institute said that U.S. oil inventories fell by 5.0 million barrels in the week ended January 13.
The API report also showed a gain of 9.75 million barrels in gasoline stocks, while distillate stocks rose 1.75 million barrels.
Meanwhile, investors awaited a monthly report from the International Energy Agency due later in the session for further evidence that crude producers are adhering to planned output cuts.
OPEC signaled a falling oil supply surplus this year in its own monthly oil market outlook released on Wednesday as the producer group's output declined from a record high.
The oil cartel said its members pumped 33.085 million barrels per day in December, down 221,000 bpd from November.
January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six months.
The deal, if carried out as planned, should reduce global supply by about 2%.
OPEC cut its forecast of supply in 2017 from non-member countries following pledges by Russia and other non-members to join OPEC in limiting output.
OPEC now expects non-OPEC supply to rise by 120,000 bpd this year, down from growth of 300,000 bpd last month, despite an upwardly revised forecast of U.S. shale supply.
Some traders remain skeptical that the planned cuts will be as substantial as the market currently expects.
While some major oil producers, such as Saudi Arabia and Kuwait, have so far showed signs that they are sticking to their pledge to cut back output, others, such as Libya and Iraq have ramped up production.
A monitoring committee charged with tracking adherence to the global deal is due to meet in Vienna for the first time on January 22.
Elsewhere on Nymex, gasoline futures for February ticked up 1.1 cents, or 0.7% to $1.556 a gallon, while February heating oil added 2.2 cents, or 1.4%, to $1.632 a gallon.
Natural gas futures for February delivery rose 2.2 cents, or 0.7%, to $3.324 per million British thermal units.
Market participants looked ahead to weekly storage data due at 10:30ET (15:30GMT), which is expected to show a draw of 231 billion cubic feet in the week ended January 13.
That compares with a withdrawal of 151 billion cubic feet in the preceding week, 178 billion a year earlier and a five-year average drop of 170 billion cubic feet.