Investing.com - Oil was higher Thursday as the market weighed factors impacting supply and demand.
U.S. crude was up 13 cents, or 0.24%, at $53.24 at 08:15 ET. Brent crude added 12 cents, or 0.21%, to $55.98.
Oil was underpinned by strong Chinese trade data showing a 15% rise in crude imports in the first quarter.
The Energy Information Administration Wednesday reported an unexpected fall in U.S. crude stocks of 2.2 million barrels in the latest week.
But the impact of that was short-lived as investors turned to rising U.S. supply.
Increased shale activity could weigh on agreed production cuts by major producers.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
There are hopes of an extension of that accord for another six months.
The International Energy Agency said Thursday the market is very close to balance.de.