Investing.com - Oil prices edged lower in pre-New Year holiday trade on Thursday, as the market awaited the release of weekly supply data on U.S. crude stockpiles.
U.S. crude fell 8 cents, or 0.15%, to $53.98 at 07:54 ET. Brent crude was little changed at to $57.13
The U.S. Energy Information Administration will release its weekly report on oil supplies at 11:00AM ET Thursday, amid analyst expectations for a decline of 2.0 million barrels.
The report comes out one day later than usual due to the holidays.
After markets closed Wednesday, the American Petroleum Institute said that U.S. oil inventories rose by 4.2 million barrels in the week ended December 23.
Losses were limited amid optimism over planned output cuts by major global oil producers scheduled to kick in on January 1.