Investing.com - Oil edged higher Wednesday ahead of U.S. official stockpile data as industry figures showed a smaller-than expected draw in crude stocks.
U.S. crude was up 4 cents, or 0.08%, at $52.45 at 08:00 ET. Brent crude added 12 cents, or 0.22%, to $55.01.
The American Petroleum Tuesday reported a fall of 840,000 barrels in U.S. crude stocks in the latest week.
Expectations were for a fall of 1.47 million barrels.
The Energy Information Administration U.S. inventories report is due out later in the session.
U.S. shale output is expected to increase this year, offsetting the impact of cuts by major producers.
OPEC and non-OPEC producers are cutting production by 1.8 million barrels a day in the first half.
A decision on a possible extension of that deal is expected to be taken on May 25.
OPEC secretary general Mohammad Barkindo said Wednesday accord participants are committed to stabilizing the market.