Saudi Arabia will not seek to replace Iranian oil in the case of oil sanctions against Iran, Iranian Oil Minister Rostam Qasemi said on Wednesday.
Oil was also under pressure from an industry report that showed crude stocks in the world's largest consumer, the United States, rose 462,000 barrels in the week to Dec. 9, compared with analysts' expectations for a fall of 2 million barrels.
Distillate stocks rose 1.2 million barrels versus a forecast for an 800,000-barrel gain.
Investors will now watch data from the U.S. Energy Information Administration due at 1530 GMT.
Commercial crude stockpiles are expected to have fallen last week due to lower imports and end of the year destocking, an expanded Reuters poll of analysts showed on Tuesday. (Additional reporting by Emma Farge and Zaida Espana; Editing by Alison Birrane)