"What they're losing in market share the U.S.is looking to pick up", said Oliver Sloup, market analyst at iitrader.com "I don't think there's much room above $55". The market has gained for six sessions in a row, its longest rising streak this year.
On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.59% at $54.11 a barrel. Production cuts from OPEC members are now seen by the markets to continue until June which will guarantee a further recovery in oil prices.
Speculations about extending the output cut agreement also supported oil prices.
Several factors still offered support to oil prices.
OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is succeeding.
West Texas Intermediate, the US benchmark price for oil, was down 0.11 percent to $53.02 per barrel.
Wednesday's Energy Information Administration (EIA) inventories data recorded a draw 2.2 million barrels in the latest week following a 1.6 million build previously and this was a bigger draw than expected which pulled stocks down from record highs.
Nintendo Switch Wins March NPD; Legend of Zelda Had 102% Attach Rate
That problem will only be exacerbated when games like Mario Kart 8 Deluxe , Arms, and Splatoon 2 debut in the coming months. To date, 925,000 units of Zelda Breath of the Wild has been sold by different retailers.
Official US production and inventory data will be published later on Wednesday by the EIA.
The OPEC report also found that global crude supply fell by 226,000 barrels per day last month to average 95.82 million barrels per day. The market was in a slump in signs of steady gains in USA crude oil inventories, but reversed course after some of the signs of a glut waned.
"We're now in the third month of OPEC production cuts and compliance within the OPEC-11 has been surprisingly strong".
Saudi Arabia is reported to have reduced its output by almost 4.5%.
OPEC reduced its output to around 1.2 million barrels per day from the beginning of January and for six months - the first curb in eight years - to get rid of excess supply.
The group is scheduled to gather in Vienna on 25 May.
According to state media in Russian Federation, the country's oil minister has upped the ante on how much the country will cut out of its production levels through June. Oil prices of $60 a barrel over the next three years and $70-$80 next decade will roughly balance the market, said Ibrahim al-Muhanna, a former senior adviser to the Saudi oil minister and now an independent consultant.
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