U.S. oil prices dipped on Thursday after U.S. crude inventories rose and as production levels in the country stayed at record levels, but OPEC-led supply cuts and the crisis in Venezuela supported markets.
U.S. West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 00.36 GMT, down 19 cents, or 0.35 percent, from their last settlement.
International Brent crude oil futures had yet to trade.
U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1, to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.
Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018.