Brent crude oil futures LCOc1 were up 12 cents at $62.83 a barrel by 3:23 p.m. EST (1727 GMT) versus Friday's settlement price, while US crude futures CLc1 were up 19 cents to $53.99 a barrel. Because each barrel of crude oil holds 42 gallons, a $1-per-barrel change in the price of crude oil generally translates to about a 2.4-cent-per-gallon change in the price of petroleum products such as gasoline, all else being equal.
Still, the agency kept its estimate of oil demand growth unchanged and close to 2018 levels at 1.4 million bpd, which some market participants took as a sign of supporting oil prices.
On Tuesday, China's National Development and Reform Commission gave support to crude oil prices when they spoke about adding more fiscal stimulus.
Saudi Arabia slashed its crude shipments to refiners in the U.S.by 32% to 684,000 bpd in the week ended January 11, after exporting more than 1 MMbpd the previous week, according to preliminary data from the EIA.
Analysts said oil prices had been weighted down by the expectations of weaker economic growth which would lead to weaker crude oil demand.
OPEC member countries and 10 non-OPEC producers agreed to cut supplies by 1.2 mb/d from January 1 for six months, based on October 2018 levels at the OPEC/non-OPEC ministerial meeting in Vienna on december 7, 2018.
OPEC crude production declined by 750,000 barrels per day in December, according to industry sources surveyed by the OPEC secretariat.
Given the fact that recent risk-off trading activities have provided precious metals market with significant positive price action, renewed risk on trading activity saw fund flow decrease in precious metals segment.
The World Bank expects oil prices to average $67 a barrel this year and next, down $2 com-pared to projections from June last year.
Crude has held on to its rally above $50 a barrel for over a week, rebounding more than 20 percent from a low on December 24.
In its latest Short-Term Energy Outlook, the EIA forecasts USA crude oil production to average 12.1 million b/d in 2019 and 12.9 million b/d in 2020, with most of the growth coming from the Permian region of the state of Texas and New Mexico.
Earlier in the week, Saudi Energy Minister Khalid Al-Falih said he's confident the cuts will have a "strong impact" on the market.
Saudi Arabia, which is the largest oil producer among OPEC states, will reduce output by 322,000 barrels per day - to 10.31 mln barrels.
After closing out 2018 in free-fall amid fears of a global supply glut and economic slowdown, USA crude prices have rebounded more than 18% to start this year.
Crude prices also drive the cost of fuel made at the Marsden Point refinery, and the country's seasonal imports and exports of LPG.