Investing.com - Oil prices steadied at lower levels Thursday in choppy trade as supply glut concerns held sway.
U.S. crude was down 6 cents, or 0.13%, at $46.71 at 06:45 ET, while Brent crude shed 0.20% to $48.95.
Official U.S. crude stockpile data Wednesday showed a surprising rise of 2.5 million barrels in the latest week.
Crude inventories remain at historically high levels of 523.6 million barrels.
Gasoline stocks also rose when the market expected a fall.
U.S. crude fell sharply after the release of the data
With OPEC output at record highs, the prospects for an accord to freeze output seem limited.
The dollar edged lower Thursday ahead of U.S. chair Janet Yellen’s much-awaited speech on Friday.
A weaker dollar depresses demand for oil.