Investing.com - Oil was lower Thursday as U.S. crude stockpiles hit record highs.
Brent crude was off 58 cents, or 1.03%, at $55.78 at 08:00 ET. U.S. crude shed 56 cents, or 1.04%, to $53.27.
The Energy Information Administration Wednesday reported a 1.5 million barrel rise in U.S. crude stocks in the latest week.
That was less than expected but still left stocks at record levels of 520.2 million barrels.
Russian output in February was unchanged from January at just over 11 million barrels a day.
Russia and other non-OPEC producers have agreed to cut output by some 558,000 barrels a day in the first half of the year.
That was part of an accord with OPEC, which is reining in production by 1.2 million barrels a day over the same period.
OPEC initial compliance with the cuts has been estimated at around 90%, with Saudi Arabia shouldering most of the burden.