Investing.com - Oil was lower Wednesday as industry figures pointed to a further rise in official U. S. crude stocks.
Brent crude was off 52 cents, or 0.97%, at $55.38 at 08:00 ET. U.S. crude shed 55 cents, or 1.04%, to $52.59.
The American Petroleum Institute Tuesday reported a surge of 11.6 million barrels in U.S. crude stocks in the latest week.
The Energy Information Administration is forecast to report on Wednesday an increase of 1.967 million barrels in crude inventories.
The International Energy Agency Tuesday cut its forecast for growth in global oil demand this year by 110,000 barrels a day.
Under an OPEC-led agreement, major producers are implementing cuts in output of about 1.8 million barrels a day.
OPEC has reported initial strong compliance with the agreed reduction.