Investing.com - Oil prices were slightly higher on Thursday, supported by OPEC led supply cuts, but concerns over rising inventories and U.S. crude production weighed.
Brent futures were trading at $56.02 per barrel at 7:56ET, up 27 cents from their last close.
U.S. crude futures, were up 23 cents at $53.34 per barrel.
U.S. oil inventories hit a peak at 518.12 million barrels last week, while gasoline stocks also touched a record the Energy Information Administration said on Wednesday.
To support the oversupplied global market, the Organization of the Petroleum Exporting Countries and other producers are cutting output by almost 1.8 million barrels per day in the first half of 2017.
Although estimates suggest compliance by OPEC is around 90%, rising U.S. stocks and a revival of U.S. oil output have limited price gains.