Oil futures turned lower on Wednesday, pulling back after eight straight sessions of gains after U.S. crude inventory data suggested that the market was still heavily supplied.
Traders focused on preliminary U.S. production estimates in the weekly EIA report that suggested domestic output is still climbing. The report also showed stockpiles at the U.S. crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week.
Brent crude futures were last down 37 cents at $55.86 a barrel, after hitting a one-month high of $56.65.
U.S. West Texas Intermediate (WTI) crude futures were down 29 cents at $53.11 a barrel, after touching the highest since March 7 at $53.76.