Investing.com – Oil Wednesday fell 1% after surging overnight on renewed hopes that a planned cut in output by OPEC will come to fruition.
U.S. crude was down 64 cents, or 1.40%, at $45.17 at 07:00 ET, while Brent crude shed 1.24% to $46.37.
OPEC members have stepped up diplomatic efforts to bring home the cut in output to 32.5-33 million barrels a day agreed in September.
OPEC is due to hold a formal meeting in Vienna on November 30.
The American Petroleum Institute (API) Tuesday reported an increase of 3.65 million barrels in U.S. crude inventories.
Official Energy Information Administration (EIA) figures are due out later Wednesday.
The EIA is forecast to report a build-up of 1.480 million barrels in the latest week.
The US dollar index was firm above 100. A stronger dollar dampens demand for oil.