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Crude oil futures were flat Thursday morning after significant gains in the previous session.
WTI light sweet crude oil for May was down 5 cents at $49.47 a barrel.
Traders remain unconvinced that OPEC can re-balance the global market with its supply quota plan yet to do the trick.
The cartel is expected to extend its output reduction deal with Russia for an additional six moths through the end of the year.
However, U.S. production is soaring, with domestic inventories surging to record highs over the past few months.
While gasoline stockpiles have dwindled, U.S. crude oil inventories were up another 870,000 barrels last week, the EIA said yesterday.
Markets are waiting on the Commerce Department's report on GDP for the fourth quarter.
Economists are looking for real GDP consensus of 2.0 percent, slightly up from 1.9 percent last week. GDP Price index is expected to be unchanged from last year at 2 percent.
