Oil prices slipped on Wednesday on doubts production cuts promised by the Organization of Petroleum Exporting Countries and Russia would be deep enough to end a supply overhang and as U.S. fuel stockpiles rose.
North Sea Brent crude oil was down 32 cents a barrel, or 0.6%, at $53.61 U.S. late Wednesday afternoon. U.S. light crude was down 47 cents, or 0.9%, at $50.46 U.S. a barrel.
Data released Wednesday by the Energy Information Administration showed that crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories rose.
U.S. commercial crude inventories fell by 2.4 million barrels to a total of 485.8 million barrels, compared with analysts' expectations for an decrease of one million barrels.
Gasoline stocks rose by 3.4 million barrels, compared with analysts' expectations in an economist poll for a 1.9-million-barrel gain. The EIA data also showed distillate stockpiles, which include diesel and heating oil, were up by 2.5 million barrels, versus expectations for a 1.8 million-barrel increase.
