Crude oil prices opened mixed Wednesday to rebound from major losses as the glut of supply in the global market continues to worry investors.
International benchmark Brent crude was trading at $50.58 per barrel at 0620 GMT with a 0.2 percent daily gain after closing Monday at $50.47 a barrel.
American benchmark West Texas Intermediate (WTI) was at $42.74 a barrel at the same time for a 1 percent loss, after previously closing at $43.16 per barrel.
Brent crude declined 6.2 percent on Monday, while WTI lost 6.7 percent as rising oversupply continues to put downward pressure on oil prices.
Russian Energy Minister Alexander Novak said Friday oil companies in his country are ready to follow OPEC's commitments and reduce production proportionally.
Russia agreed on Dec. 7 to curb its crude production by 228,000 barrels per day (bpd), while OPEC will lower its total output by 800,000 bpd in order to balance the oil market.
However, supply in the market is still high as the U.S.' crude oil production was at a near record-high level of 11.6 million bpd for the week ending Dec. 14, according to the Energy Information Administration (EIA).
The U.S.' crude oil production is expected to average 12.1 million bpd in 2019, according to the EIA, adding more supply to an already saturated market.
Investors will closely watch the weekly change in the U.S.' crude oil production and inventories that will be announced on Friday, instead of the usual Wednesday due to observance of Christmas Day.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr