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Ahead of weekly data from the U.S. EIA tonight, analysts expect stockpiles of U.S. crude oil and gasoline to have fallen last week. For the week to May 24, commercial inventories of crude oil in the U.S. are expected to have decreased by 0.9 mil bbls. U.S. gasoline stocks are projected to have declined by 0.5 mil bbls.

The 360,000-bpd Ozark crude pipeline that runs from Cushing, Oklahoma, to Wood River, Illinois, is expected to restart on Thursday, according to operator MPLX LP in a notice. MPLX expects the pipeline to operate at full capacity of 360,000 bpd upon restart, according to the notice. More than a week of violent weather, including downpours, tornadoes, and flooding, has devastated the central U.S. and resulted in outages to pipelines as well as refinery operations.

Russia will undertake careful consideration of an extension to its agreement with other major oil producers to curb output, Russian First Deputy Prime Minister Anton Siluanov said on Wednesday. "There are many arguments both in favour of the extension and against it," Siluanov said on the sidelines of an industry conference. "Of course, we need price stability and predictability, this is good … But we see that all these deals with OPEC result in our American partners boosting shale oil output and grabbing new markets."

Iran’s exports of crude oil fell sharply in May to around 400,000 bpd, according to tanker data, after the U.S. tightened up sanctions. Aiming to cut Iran's oil sales to zero, the Trump administration ended waivers from sanctions previously granted to certain buyers of Iranian oil.

Saudi Arabia's foreign minister said on Wednesday that attacks against oil facilities in the Arabian Gulf must be addressed with "strength and firmness." Ibrahim al-Assaf told a meeting of foreign ministers that "we emphasize the need to exert more efforts to combat the subversive activities of extremist and terrorist groups.