Investing.com - Oil recovered some ground Thursday after sharp losses overnight as OPEC members fueled hopes of an extension of an output cut deal.
U.S. crude was up 42 cents, or 0.83%, at $51.27 at 08:15 ET. Brent crude added 47 cents, or 0.89%, to $53.40.
Saudi and Kuwaiti oil ministers Wednesday talked up the possibility of an extension of agreed output cuts.
OPEC and non-OPEC producers are reducing production by 1.8 million barrels a day in the first half.
However, increased U.S. supply continues to weigh on the market.
Energy Information Administration U.S. inventories data Wednesday showed a lower-than-expected draw in U.S. crude stocks in the latest week.
Gasoline stocks unexpectedly rose as U.S. supply continues to rise.
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