Oil prices edge up as U.S. dollar weakens

Still, the EIA's total domestic crude production figure hit a fresh weekly record at 10.369 million barrels a day for last week.

The EIA said it expects USA crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.

USA crude oil and stock index figures shifted lower Wednesday amid global market fears on a trade war, the resignation of President Donald Trump's chief economic adviser and rising inventories.

The surge in US oil production could indicate less influence of the Organization of Petroleum Exporting Countries - a group of 12 of the world's largest largest oil exporters that wields considerable influence on global oil prices.

As of 1633 GMT, front month West Texas Intermediate crude oil futures were lower by 0.76% at $62.10 a barrel on the ICE.

Brent crude futures fell $US1.74 to $US64.05 a barrel, a 2.6 per cent loss.

Production likely continued to increase last week, just as the International Energy Agency said that the U.S., Canada, Brazil, and Norway can together cover the growth in global oil demand over the next five years. The API reported a draw of 4.536 million in gasoline stockpiles, compared to a 1.201-million-barrel draw that analysts had expected.

Should this forecast come to pass, OPEC would be hard pressed to continue pumping less oil than before and even that won't guarantee oil prices remaining at comfortable levels for the cartel's members.

Broader financial markets were also rattled after Gary Cohn said he'll resign as economic adviser to the White House, while the Trump administration is said to be considering clamping down on Chinese investments in the U.S.

This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share.

Next year, average output will climb to 11.27 million, up from a prior forecast of 11.18 million, the report showed. Traders are responding to White House comments saying Canada and Mexico, and possibly other countries, may be exempted from planned US import tariffs on steel and aluminum.

Saudi Aramco, the kingdom's state-owned producer, said in a statement on Monday that it would trim the OSP for its main Arab Light grade to a premium of $1.10 a barrel over regional benchmark Oman-Dubai crude for April-loading cargoes, down from $1.65 for March shipments.

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