Investing.com - Oil turned higher Wednesday ahead of official U.S. stockpile data after falling earlier as industry figures showed a surprise build-up in U.S. crude stocks.
U.S. crude was up 20 cents, or 0.41%, at $48.86 at 09:00 ET. Brent crude added 32 cents, or 0.62%, to $51.97.
The American Petroleum Institute Tuesday reported a rise of 882,000 barrels in U.S. crude stocks in the latest week.
The Energy Information Administration inventories is forecast Wednesday to report a fall of 2.360 million barrels in crude stocks.
Oil was underpinned by Saudi and Russian backing for an extension of an output cut deal.
The Saudi and Russian energy ministers Monday called for a nine-month extension in the output deal to the end of March.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.
A decision on the possible extension of the deal is expected at a meeting on May 25.