Crude oil prices were sinking Wednesday as traders eye industry data set to be released on Thursday.
WTI and Brent were both down about 1.3% at last check. U.S. benchmark WTI for April delivery was trading around $53 a barrel, while Brent crude futures were at $55 a barrel.
Traders will be closely watching the U.S. Energy Information Administration's weekly crude inventory report on Thursday. Analysts are anticipating crude stockpiles to build by about 3.3 million barrels for the week.
The drop in global prices also follows comments by the CEO of oil supermajor Total S.A. (TOT) , who said OPEC and Russia will need to extend their six-month deal to cut oil output in order to trim the global inventory glut that has weighed on prices.