"The market just has to be patient", said Bjarne Schieldrop, chief commodities analyst at SEB Markets, adding that a gradual reduction in inventories would support prices without the kind of price spike that would drive USA shale production higher.
Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA).
Traders will be paying attention to US inventories data over the next few days. USA oil demand fell by 1.4 million barrel a day to 19.34 million barrel a day. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.9% at $45.33 a barrel.
In parallel, gasoline inventories jumped by 3.3m barrels (consensus: 0.6m), while those of distillates did so by 4.4m barrels.
That time, OPEC agreed to slash the output by 1.2 million barrels per day from January 1, while non-OPEC oil producers agreed to reduce output by 558,000 barrels per day starting from January 1 for six months.
In its May STEO, the EIA forecasted global consumption of petroleum and other liquids at 98.3 million barrels per day in 2017 and at 99.93 million barrels per day in 2018.
The U.S. oil and gas industry, outside of OPEC's agreement, has increased production as 24 other oil producing countries have cut back.
I'm going to get us out of this mess: UK PM
However, when asked about whether the Brexit talks would start for real on June 19 as planned, Winterstein said: "I can not say". One possible effect of Brexit is the "hardening" of the border between UK-controlled Northern Ireland and the state of Ireland.
The Organization of the Petroleum Exporting Countries (OPEC) members' crude output rose 270,000 barrels per day to 32.12 million barrels per day in May compared to April, according to an S&P Global Platts on June 6.
Crude stocks at the Cushing, Okla., delivery hub fell by 1.4 million bbl, the EIA said.
That's because crude production in the United States, which is not participating in the cuts, has jumped by over 10 percent since mid-2016 to 9.34 million bpd, close to levels by top producers Saudi Arabia and Russian Federation.
Lines in the sand emerged at the start of the week when Saudi Arabia led a coalition of Persian Gulf allies in severing ties with Qatar over allegations of support for terrorist groups like the Sunni militants aligned with the group calling itself the Islamic State.
USA crude output has jumped more than 10 percent since mid-2016 to 9.34 million bpd, industry figures show.
Bloomberg reported that US crude imports from Saudi Arabia fell by 55 per cent for the week that ended June 2, but imports from Iraq hit levels not seen since 2012.
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