Brent crude futures, the worldwide benchmark for oil prices, were at $49.60 per barrel at 0045 GMT on Tuesday, up 26 cents, or 0.5 percent, from their last close. If crude oil inventory sees a larger than anticipated drawdown, there might be some attempt to rally.
As a result, USA crude oil production surpassed 9 million barrels of oil a day in February which is 500,000 barrels of oil a day higher than the low seen in September 2016.
Brent crude jumped back above US$50 on the news and stayed there, buoyed by the ministers' comments, while WTI, which last Friday slipped below US$45 a barrel, regained some ground, settling yesterday at US$47.91 a barrel.
Concerns about rising output from the United States, Libya and Nigeria still pressured prices, however.
"People are hinging the optimism today on the recent drawdown in inventories and I think that might last as long as we don't have another inventory build", said Stewart Glickman, head of energy research at CFRA Research in NY.
Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June.
Gasoline stocks USOILG=ECI fell 150,000 barrels, compared with expectations in a Reuters poll for a 538,000-barrel drop.
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OPEC and other producers including Russian Federation have agreed to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year to try to reduce a global fuel glut.
Oil prices had already been trading higher on a report that Saudi Arabia was cutting exports to the key Asian market and on earlier industry data pointing to a sharp decline in weekly US inventories.
OPEC will decide formally whether to extend the cuts when its ministers meet in Vienna on May 25.
Oil prices edged up on Tuesday, driven by anticipation that an OPEC-led pledge to cut production would be extended beyond the first half of the year and into 2018, although overall high supply still weighed on markets.
"We saw the biggest draw in inventories for the year last week with stockpiles down more than 5 million barrels".
The US Energy Information Administration said US crude inventories fell by 5.2 million barrels last week, which was more than the 1.8 million-barrel slide analysts predicted. The projection is four times higher than in November, when the group announced a production cut to try and re-balance oversupplied world markets.
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