WTI turns flat ahead of EIA report and Fed minutes

Following sharp overnight reversal from 18-month tops, WTI crude oil gained some traction on Wednesday and rose to $53.00 neighborhood, albeit has retreated from session peak. 

Currently hovering around $52.30-35 band, absolutely unchanged for the day, the black gold witnessed a sharp sell-off on Tuesday as investors remained skeptic over the implementation and adherence of the landmark production cut deal between OPEC cartel and non-OPEC producers, aimed to reduce global supply glut and support prices. 

However, signs that the cartel remained committed to stick to their pledge to cut output, after Wednesday's comments from state-owned Kuwait Petroleum Corp., helped eased market concerns and lifted the commodity. Moreover, a mild US Dollar retracement, from Tuesday's 14-year high, was also seen supporting Wednesday's up-move. 

Later during NA session, weekly API report on domestic crude stockpiles is expected to show a decrease in the US oil inventories, while the official EIA data is scheduled for release on Thursday. 

Also in focus would be the FOMC meeting minutes, which would provide fresh impetus for the greenback and eventually drive dollar-denominated commodities - like oil.