Investing.com - Oil Tuesday continued its retreat as investors questioned the fundamentals of the recent rally.
U.S. crude oil was down 44 cents, or 0.93%, at $46.97 at 06:45 ET, while Brent lost 1.02% to $48.66.
Hopes for an agreement of an output freeze at an informal OPEC meeting next month have diminished.
Even in the event of a curb, this would do little to reduce the current supply glut.
American Petroleum Institute stockpile data are due out later in the session.
These will be followed Wednesday by official figures, which are expected to show a fall of 825,000 barrels in U.S. crude stocks.
The dollar index was lower, lending some support to the oil market.