Investing.com – Oil languished at its lowest levels since April as concerns of an oversupply held sway.
U.S. crude was down 40 cents, or 0.97%, at $40.74 at 06:45 ET, while Brent crude shed 1.09% to $42.76.
Oil futures are now down about 20% from their last peak in June.
Stockpile data released Wednesday showed an unexpected jump in both U.S. crude and gasoline inventories.
Oil rigs operating in the U.S. have also trended higher over the past few weeks.
The latest Baker Hughes rig count figures are due out later Friday.
The jump in the yen pushed the dollar index lower as the Bank of Japan’s policy easing disappointed.
A weaker dollar underpins demand for oil.