Investing.com - Oil was higher Wednesday on reports Saudi Arabia is lobbying for an extension of agreed output cuts.
U.S. crude was up 22 cents, or 0.41%, at $53.62 at 08:00 ET. Brent crude added 26 cents, or 0.46%, to $56.49.
The Wall Street Journal reported Saudi Arabia backs a six-month extension of productions cuts.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
The market was also underpinned by a surprise drop in U.S. crude inventories.
The American Petroleum Tuesday reported a fall of 1.3 million barrels in crude stocks in the latest week.
The Energy Information Administration is due to deliver its U.S. inventories report later in the session.
The EIA is expected to report an increase of 87,000 barrels in U.S. crude stocks in the latest week.
In its monthly report Wednesday,OPEC indicated compliance with agreed output cuts by its members in March at 104%.