Oil markets hold fire ahead of data release

Crude oil markets stood pat before the opening bell in New York as traders waited Wednesday for key industry data on supply and demand.

West Texas Intermediate, the U.S. oil standard, and Brent, the global benchmark for crude oil, were relatively stable in pre-market trading Wednesday, standing at $57.95 and $63.60 per barrel, respectively.

Both indices are down about 2 percent from the start of May. Crude oil lost substantial value in mid-2014 as markets started tilting heavily toward the supply side on the back of U.S. shale oil production. A November decision from the Organization of Petroleum Exporting Countries to hold its output steady despite the bear market for crude sent prices below the $50 per barrel mark.

Oil prices have since recovered as signs of global economic recovery emerge. Early May rallies have since stalled on concerns the pace of economic growth was slowing. U.S. Federal Reserve Chair Janet Yellen said last week the U.S. economy was still facing headwinds.

Data last week from the American Petroleum Institute showed demand for some petroleum products like gasoline declined, though the situation could show a short-term reversal following the long U.S. holiday weekend. API releases its weekly report on crude oil market activity later Wednesday.

The U.S. Energy Information Administration reported total U.S. oil production at 9.26 million barrels per day for the week ending May 15, down 1.2 percent from the previous week. EIA releases its weekly petroleum status report Thursday.