Oil prices dropped on Wednesday as a result of increased supplies in the U.S.
The Organization of the Petroleum Exporting Countries and some non-OPEC producers, led by Russian Federation, agreed to cut output in 2017 to reduce a supply overhang, which has led to a 60 percent spike in oil prices over the past year.
OPEC and other producers will meet on June 22-23 in Vienna to discuss future production policy.
Brent crude was trading at $75.83 per barrel, while the US WTI was valued at $66.31.
U.S. crude oil production for yet another week for week ending June 01-the most recent data available-increased to 10.800 million bpd, according to the EIA.
The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the previous year. In late May, that decline reversed and the price oil declined as Russian Federation and Saudi Arabia indicated a willingness to accept lower prices.
Dutch bank ING, however, said some OPEC members would "struggle to push production back to October 2016 levels".
Lukman Otunuga, analyst at futures brokerage FXTM, said higher oil production and forecasts of more to come were undermining prices.
The outlook for the oil market in the second half of this year is uncertain, analysts say, and OPEC argues there are downside risks to demand.
"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price".
However, the API reported a surprise buildup in gasoline inventories for week ending June 8 in the amount of 2.33 million barrels.
Rising US stocks are in part a result of the surge in US crude oil production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).
"The U.S.is important to us, but. we have not received any official communication, or even unofficial communication, from the administration", he told CNN.