Investing.com - Oil was lower Wednesday as industry data showed a major jump in U.S. crude stocks.
Brent crude was off 29 cents, or 0.53%, at $54.76 at 08:00 ET. U.S. crude shed 42 cents, or 0.81%, to $51.75.
American Petroleum Institute figures Tuesday showed a rise of 14.2 million barrels in U.S. crude stocks in the latest week.
Official Energy Information Administration {{ecl-75||figures} due Wednesday are expected to show a rise of 2.53 million barrels.
Signs of flagging Chinese demand for oil also weighed on the market.
OPEC and non-OPEC producers aim to cut output by 1.8 million barrels a day in the first half of this year.
However, a pick-up in North American shale activity could undermine the positive impact of the planned cuts.