Investing.com – Oil was lower Wednesday as a build-up in U.S. crude stocks added to oversupply concerns.
U.S. crude was down 76 cents, or, 1.58%, at $47.34 at 06:45 ET, while Brent crude fell 0.96% to $49.48.
American Petroleum Institute figures Tuesday showed a surprise rise of 4.5 million barrels in U.S. crude stocks in the latest week.
Energy Information Administration (EIA) figures are due out later in the session.
The EIA was forecast to report a fall of 455,000 barrels in U.S. crude inventories.
Hopes for an agreement on a freeze in output at an informal meeting of major producers next month in Algeria are fading.
Iraq has indicated that it has not yet reached its full market share.
The dollar was higher Wednesday. A stronger dollar depresses demand for oil.