Investing.com - Oil was lower Thursday as concerns about a supply glut continued to weigh.
U.S. crude was off 94 cents, or 1.89%, at $48.68 at 08:00 ET. Brent crude shed $1.04, or 1.98%, to $51.37.
U.S. crude output has risen by about 10% from the levels seen mid-2016.
Official Energy Information Administration data Wednesday showed a larger-than-expected fall in U.S. crude stocks in the latest week.
But gasoline inventories unexpectedly rose.
Higher U.S. output undermines the impact of output cuts of 1.8 million barrels a day agreed by OPEC and non-OPEC producers.
OPEC and non-OPEC producers are expected to decide next month whether to extend the accord beyond June.