Investing.com - Oil recovered some ground Wednesday after a fall in U.S. crude stocks.
U.S. crude was up 20 cents, or 0.42%, at $47.86 at 08:00 ET. Brent crude gained 27 cents, or 0.54%, to $50.73.
The American Petroleum Institute Tuesday reported a surprise fall of 4.16 million barrels in U.S. crude stockpiles in the latest week.
Official Energy Information Administration inventories are due out later Wednesday.
The EIA is forecast to report a fall in U.S. crude stocks of 2.33 million barrels.
Rising U.S. output continues to overhang the market.
That is weighing on output cuts of 1.8 million barrels a day agreed by OPEC and non-OPEC producers.
Investors are looking to see if the output cut deal is extended beyond June.
OPEC and non-OPEC producers are expected to decide later this month whether to extend the accord.