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Wednesday's oil data from the Energy Information Administration (EIA) pointed to a record-high crude oil production by the U.S. of 10.25 mio. barrels per day last week. Thus, the U.S. surpasses OPEC's largest oil producer Saudi Arabia and becomes the world's second-largest oil producer. Russia remains the largest for now. Both Saudi Arabia and Russia are part of the current oil production cut deal made between OPEC and a row of non-OPEC oil producers. Also weighing on prices is news of Iran - also part of the current oil production cut deal - planning to increase production. Two other OPEC countries, Angola and Nigeria, are planning on building oil fields online this year with a combined capacity of 430,000 barrels per day. The deal will be discussed in June. Likely in an attempt to calm markets and ease the oversupply fears, Russia yesterday stated that the country's cooperation with OPEC on curbing oil production could continue into 2019.

Today's major potential oil price mover will be tonight's weekly oil rig count from Baker Hughes. The number of active U.S. oil rigs increased by 7 in the last reading to currently 765.

Also the financial markets continued volatility could continue to spill over to the oil market.