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U.S. commercial crude inventories decreased by 1 million barrels from one week ago, falling to 532.3 million, according to the Energy Information Administration (EIA).

Total motor gasoline inventories increased by 1.5 million barrels last week and are now near the upper limit of the average range. Crude fell in the previous two sessions. According to the secretary-general of the OPEC, Mohammed Sanusi Barkindo, the group was committed to cutting inventories to the five-year average.

Many analysts warned that prices could quickly turn negative. OPEC and other producers agreed to cut output by almost 1.8 million barrels per day in the first half of 2017.

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