Investing.com – Oil was lower Wednesday as plentiful supply and slowing demand undermined sentiment.
U.S. crude was down 20 cents, or 0.47%, at $42.72 at 06:30 ET, while Brent crude shed 0.86% to $44.84.
A glut of refined products is depressing demand for crude, while concerns remain about slowing economic growth.
American Petroleum Institute figures Tuesday showed a lower than expected draw in U.S. crude stocks.
Crude stockpiles dropped by only 800,000 barrels in the latest week against expectations of a fall of two million.
Energy Information Administration figures due out Wednesday are forecast to show a draw of 2.275 million barrels of crude.
The dollar index was higher. A stronger dollar weakens demand for oil