Investing.com - Oil extended sharp losses Thursday on supply glut concerns as official data showed U.S. crude stocks fell less than expected.
U.S. crude was off $1.00, or 2.09%, at $46.82 at 08:30 ET. Brent crude shed 99 cents, or 1.95%, to $49.80.
The Energy Information Administration Wednesday reported a fall in U.S. crude stocks of 930,000 barrels.
The forecast was for a draw of 2.33 million barrels in the latest week.
The market continues to weigh the impact of higher U.S. production against agreed output cuts by major producers.
OPEC and non-OPEC producers have agreed to output cuts of 1.8 million barrels a day in the first half.
A decision on whether to extend the accord beyond June is expected at a meeting later this month.