Investing.com - Oil was flat Wednesday amid confidence major producers will agree to extended an output cut deal.
U.S. crude was up 3 cents, or 0.06%, at $51.50 at 08:15 ET. Brent added 5 cents, or 0.09%, to $54.20.
OPEC and non-OPEC have agreed to cut output by 1.8 million barrels a day in the first half.
The adherents to the deal are due to meet Thursday to decide on an extension of the deal for another nine months.
Goldman Sachs (NYSE:GS) said the proposal to sell off half of the U.S. strategic petroleum reserves over 10 years would have little impact.
The American Petroleum Institute Tuesday reported a fall of 1.5 million barrels in U.S. crude stocks in the latest week.
The Energy Information Administration is forecast to report Wednesday a fall of 2.42 million barrels in U.S. crude inventories.