Investing.com - Oil prices stayed near their lowest level in two weeks in North American trading on Wednesday, after data showed that U.S. crude supplies fell less than expected last week.
The U.S. West Texas Intermediate crude May contract dipped 9 cents, or about 0.2%, to $52.31 a barrel by 10:35AM ET (14:35GMT). Prices were at around $52.42 prior to the release of the inventory data.
The U.S. benchmark lost 26 cents on Tuesday after hitting its lowest since April 7 at $52.10, amid renewed concerns about a global supply glut.
Elsewhere, Brent oil for June delivery on the ICE Futures Exchange in London shed 3 cents to $54.86 a barrel, after falling 85 cents in the prior session.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.0 million barrels in the week ended April 14.
Market analysts' expected a crude-stock decline of 1.4 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 840,000 barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 778,000 barrels last week, the EIA said.
Total U.S. crude oil inventories stood at 532.3 million barrels as of last week, which the EIA considered to be at the upper limit of the average range for this time of year.
The report also showed that gasoline inventories increased by 1.5 million barrels, compared to expectations for a drop 1.9 million barrels.
For distillate inventories including diesel, the EIA reported a drop of 2.0 million barrels.
Oil traders continued to focus on the ongoing rebound in U.S. shale production, which could derail efforts by other major producers to rebalance global oil supply and demand remained in focus.
U.S. drillers last week added rigs for the 13th week in a row, data from energy services company Baker Hughes showed, extending a 10-month drilling recovery.
That brought the total count to 683, the most since September 2015, underlining concern that an ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.
Market participants, however, remained optimistic that OPEC would extend its current deal with non-OPEC producers to cut output beyond June in an effort to rebalance the market.
In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day between January and June.
A joint committee of ministers from OPEC and non-OPEC oil producers will meet in late April to present its recommendation on the fate of the pact. A final decision on whether or not to extend the deal beyond June will be taken by the oil cartel on May 25.