May West Texas Intermediate crude shed 24 cents, or 0.5%, to settle at USD52.41 a barrel.
A surge in USA production is a major threat to OPEC's effort to reset the still-oversupplied global oil market.
More barrels could be on their way to market from US shale fields as financial companies are investing billions in production, a Reuters analysis showed.Members of the Organization of the Petroleum Exporting Countries are cutting oil production by 1.2 million bpd from January 1 for six months, the first reduction in eight years.
Gasoline stocks also posted a counter-seasonal build of 1.4 MMbbl.
"As long we do not get any negative surprises in terms of demand, the price is likely to settle back into its recent range with the upside still capped", Ole Hansen, the head of commodity strategy at SaxoBank, said in a semi-regular newsletter.
Oil prices are on pace for their biggest daily percentage decline since early March, and US crude oil production is expected to rise in both 2017 and 2018.
Output from the Permian play, the country's largest shale region, was expected to reach a record 2.36 million bpd.
Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with USA output and inventories rising, analysts said prices looked vulnerable.
A similar sentiment was expressed Monday in the face of positive forecasts by Andrew Lipow, president of Lipow Oil Associates: he toldReuters, "While the Saudis and the Russians have been complying with their cuts, we've seen Iraq and a number of other countries produce more than their share of the quota".
Global fuel stocks are well above the five-year average, and Saudi Energy Minister Khalid al-Falih was quoted on Thursday as saying inventories remained elevated in part because traders were selling supplies out of tanker storage.
U.S. stockpiles and production have cast doubt on whether the OPEC cuts were enough.
The market will watch Wednesday morning to see if US government data confirms the API report.
Many U.S. sanctions against Iran were lifted in late 2015 under a nuclear deal, allowing Tehran to more than double its crude exports over 2016, adding to the global overhang.
In December 2010, a suicide bomber blew himself up, also on the Drottninggatan street, slightly injuring several passersby. Judicial officials said a second person had been arrested in relation to the investigation into the attack.
That win seemed to signal a change, an acknowledgment that the postseason was quickly approaching and it was time to get serious. For Stevens, he saw his team in play in the second half with the kind of fight and grit that we haven't seen much of lately.
A military media unit run by Damascus ally Hezbollah said a suicide attacker had detonated a auto bomb near the convoy. The residents and rebels from Madaya and Zabadani arrived late Saturday in rebel-held territory in Idlib province.
Cooper said: "The Prime Minister said yesterday that she was calling a General Election because Parliament was blocking Brexit". In short, May is trying to make sure she gets a hard Brexit passed since the people voted to leave the EU.
So-called secondary sanctions on Chinese banks that do business with North Korea could also be in the offing, officials have said. On the other hand, if there is a military clash between the United States and North Korea, Japan could be subject to retaliation.
Noel Acciari , David Backes and David Pastrnak answered for the Bruins in their second straight three-goal second period. We can probably assume they were not words of wisdom or inspiration. "Once they called it, it's our job to kill".
O'Reilly never addressed the Times report on his show, and none of his colleagues at the network defended him publicly. It didn't help that the controversy was set in motion by the Times , a publication hated in conservative circles.
Canadiens vs. Rangers live stream, Game 4
We've got a lot of experience and we've had different situations where we've needed to come back or we've had the lead. The most he's ever scored in the first four games of any of his last four postseasons is one goal and one assist.
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USA crude oil stocks drop
West Texas Intermediate (WTI) crude futures had risen 31 cents, or 0.61 percent, to $50.75 a barrel. Brent crude futures LCOc1 fell 85 cents, or 1.6 percent, to $54.04 a barrel as of 12:31 p.m.
'GTA 5 Online' In-Game 4/20 Deals, New Game Mode Announced
As you'll see in the trailer below, the highways even have a toy-like feel with their colorful boundaries and weapon power-ups. This mode, along with some in-game 4/20 deals, have just been announced on the official Rockstar website.