Analysts polled by S&P Global Platts expected a 2.5 million-barrel increase in crude stockpiles. The Energy Department releases its United States inventories data later this morning.
But the American Petroleum Institute, an industry trade group, said late Tuesday that US crude supplies rose roughly 1.2 million barrels for the week ended March 9.
The OPEC-led production cuts have been part of a recipe for higher oil prices including strong global economic growth and rising Middle East political tensions.
According to OPEC, "the most recent trade-related developments may provide challenges to the growth momentum as global trade has been an important factor contributing to the world economy". Iran is pushing for prices at $60 a barrel, where Mr. Zanganeh says USA oil production will remain under control and not flood the market. The American Petroleum Institute on Tuesday (http://www.marketwatch.com/story/api-data-reportedly-show-a-weekly-rise-us-crude-supply-but-gasoline-stockpiles-fall-2018-03-13) reported a rise of almost 1.2 million barrels, according to sources.
"Commercial crude stocks in the U.S. have been recovering and are at their highest level since December 2017".
Brent crude oil futures LCOc1 were down 18 cents to $64.46 per barrel by 12:45 p.m. EST (1645 GMT), while U.S. West Texas Intermediate (WTI) futures CLc1 were down 9 cents at $60.62 per barrel.
The Organization of the Petroleum Exporting Countries also said oil inventories across the most industrialized countries rose in January for the first time in eight months, a sign the impact of its output cuts may be waning.
Oil prices were little changed from before the data, after some volatility in the minutes after the release.
OPEC revised up forecasts for non-OPEC supply for 2018 by 280,000 bpd in absolute terms, compared with last month's assessment, to average 59.53 million bpd. Looking at reactions in markets, crude oil prices fell following the EIA report. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, down by 4.2 percent from the same period a year ago.
Traders of crude oil cargoes face a dilemma.
In terms of the five-year average of OECD commercial stocks that OPEC is officially targeting in the production cut deal, preliminary data for January showed that total OECD commercial stocks were 50 million barrels above the latest five-year average, with crude stocks at a surplus of 74 million barrels and product stocks at a deficit of 24 million barrels to the seasonal norm.
Support on Wednesday came from a report that USA crude inventories are not rising as much as expected during the spring season that is starting, implying healthy demand.