Investing.com - Oil Wednesday was off seven-week highs amid upbeat sentiment on output cuts.
Brent crude was off 35 cents, or 0.62%, at $56.31 at 08:00 ET. U.S. crude shed 36 cents, or 0.66%, to $53.97.
OPEC estimates high compliance with cuts of 1.2 million barrels per day at the start of this year for six months.
Non-OPEC members led by Russia have also agreed to cut output by 558,000 barrels a day.
However, a pick-up in North American shale activity could cancel out the potential impact of the agreed cuts.
American Petroleum Institute stockpile data are due out later in the session.
The Energy Information Administration (EIA) reports official inventories Thursday.
The EIA is expected to report a build-up of 3.325 million barrels in U.S. crude stocks in the latest week.