Investing.com - Oil prices fell on Wednesday as a rise in U.S. inventories added to a deep global glut, while investors discounted any possibility that the Organization of the Petroleum Exporting Countries would do anything to cut production at this week's meeting.
U.S. crude was trading down 1.14% at $41.38 a barrel, while Brent was down to $43.9, falling for a fifth consecutive session.
Data from the American Petroleum Institute on Tuesday showed a 1.6 million-barrel increase in U.S. crude inventories last week.
The U.S. Energy Information Administration was release its weekly report on oil supplies at 10:30AM Eastern Time.
Oil production exceeds demand substantially and a growing global glut has sent prices tumbling by more than 60% since June 2014.
OPEC, however, is not expected to budge from its stance of keeping output high to defend market share against producers such as Russia and North America.