Oil has traded close to $50 a barrel since the Organization of petroleum exporting countries last November agreed on 30 trim production for the first time in eight years. Non-OPEC producers including Russia and Mexico will also trim the supply.

Meanwhile, U.S. crude oil inventories remain at the level of seasonal highs since the EIA began collecting weekly data in 1982. West Texas Intermediate crude oil for February delivery was at $52.59 per barrel on the New York Mercantile Exchange, up 10 cents, at about 08:15 a.m. Hong Kong time. The WTI contract was down 81 cents to $52.49 per barrel on Wednesday.

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