CrudeOil moved higher Thursday after earlier losses on U.S. supply concerns. U.S. crude was up 25 cents, or 0.49%, at $51.40 at 08:00 ET. Brent crude added 35 cents, or 0.64%, to $54.71.
The Energy Information Administration Wednesday reported an unexpected rise in U.S. crude inventories. U.S. crude stocks rose by 1.57 million barrels in the latest week to a record 535.5 million.
U.S. supply has risen by some 9% from mid-2016 to about 9.2 million barrels per day. That has raised doubts about the reach of output cuts by major producers to address a global supply glut. OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half. The focus now turns to Baker Hughes rig count data due out Friday.