Investing.com – Oil steadied Thursday after earlier losses as OPEC output hit multi-year highs and industry figures showed a rise in U.S. crude stocks.
U.S. crude was down 5 cents, or 0.10%, at $50.13 at 06:45 ET, while Brent crude added 0.04% to $51.83.
OPEC’s monthly report Wednesday showed the cartel’s output rose to an eight-year high in September of 33.4 million barrels per day.
That threw into doubt OPEC’s ability to deliver on an accord to cut output to 32.5-33 million barrels per day.
OPEC is due to hold a formal meeting on November 30 in Vienna to thrash out the details of the proposed output cut agreed in September in Algiers.
American Petroleum Institute (API) data Wednesday showed U.S. crude inventories rose by 2.7 million barrels last week to 470.9 million barrels.
That was the first rise in stockpiles after five straight weeks of declines.
Official Energy Information Administration (EIA) figures are due out later in the session.
The EIA is forecast to report an increase of 650,000 barrels in U.S. crude stocks.
The dollar was off seven-month highs. A stronger dollar depresses demand for oil.