U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, at $63.58 per barrel, having eased 0.5 percent in the previous session.
However, Brent reversed its downward course after Oman energy minister Mohammed bin Hamad al-Rumhy said that the Organization of the Petroleum Exporting Countries (OPEC) was intending to extend supply cuts at its June meeting.
Markets also keenly watched Venezuela, where opposition leader Juan Guaido called for an uprising against President Nicolas Maduro.
However, Despite US sanctions on Iran, the country's crude oil supply to India increased 6.24% to 24 million tonnes (MT) in 2018-19, as India managed to import a sizeable volume largely due to sanction waivers provided by the US.
OPEC's unlikely role as a market stabilizer and analytical pacifier was given further credence by Jeff Currie, head of commodities research for Goldman Sachs: on Tuesday he told CNBC television, in reaction to fears of crude supplies tightening due to export losses from Venezuela and Iran, that "We now know that OPEC has that spare capacity".
Referring to Venezuela, ING believes that "While a change in regime could mean increased oil output in the longer term, it could also mean short- to medium-term disruptions, while we believe it will not be a quick fix to turn the state of the domestic oil industry around even with a new regime".
Oil prices were largely steady on Wednesday as an intensifying crisis in Venezuela along with tightened US sanctions on Iran partly offset the impact of an unexpected rise in USA crude inventories.
Oil prices dipped on Thursday after data showed record US crude oil production, which resulted in a surge in stockpiles.
Spain's Center Citizens Party Rules Out Coalition Deal With Socialists
He has two realistic options to do this. "This political combination needs the parliamentary support from smaller parties". The issue was at the heart of the election campaign and has at times unnerved euro zone investors and the rest of the EU.
In a speech at a Tuesday event held in Tehran to commemorate Iranian workers, Rouhani said Iran will continue to export crude oil despite the United States pressures.
These countries which he did not name were trying to signal to the world that "there would be no problem facing global supplies as Iranian oil goes off the market".
While India stopped importing crude oil from Iran following reimposition of economic sanctions this month by the United States, the Persian Gulf nation was the third largest crude oil supplier to India.
The Opec plus Russian Federation and other producers, an alliance known as OPEC+, agreed to cut output by 1.2 million barrels per day from January for six months in an effort to boost oil prices.
Gasoline stocks rose by 917,000 barrels, compared with analysts' expectations for a 1 million-barrel drop.
Two years ago, if you asked bulls what would happen to oil prices if OPEC reduced its production to 30.0 million barrels per day in early 2019, many would have predicted a surge above $100 per barrel.
Washington last week said no waivers on the Iranian oil sanctions would be granted after Wednesday, but it remains unclear whether Iran's top oil customer China will comply. Mixed corporate earnings reports and word of a roadblock in U.S.