Investing.com – Oil was lower Thursday on profit-taking after a big drawdown in U.S. crude stocks.
U.S. crude was down 49 cents, or 0.95% at $51.33 at 07:00 ET after settling at a 15-month high.
Brent crude for December delivery fell 50 cents, or 0.95%, to $52.17.
Official Energy Information Administration (EIA) weekly figures Wednesday showed a 5.2 million barrel fall in U.S. crude inventories to 468.7 million.
Sentiment remains upbeat on hopes that OPEC will seal a planned cut in output at its meeting in Vienna on November 30.
Saudi Energy Minister Khalid al-Falih said Wednesday the planned curb would help reduce the global supply glut.
Baker Hughes rig count figures are due out Friday. Higher prices could encourage an increase in U.S. shale activity.
The dollar index was higher. A stronger dollar depresses demand for oil.