Oil fell on Wednesday after reports showed global supply was rising and US crude inventories were still increasing, raising concerns the market could stay oversupplied for longer than expected.
Brent crude oil fell by 28 cents to $48.44 a barrel by 1330 GMT, while US crude futures were down 29 cents on the day at $46.17.
Crude prices have fallen more than 10 percent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production.
OPEC and other exporters such as Russia have agreed to keep production almost 1.8 million barrels per day (bpd) below the levels pumped at the end of last year and not to increase output until the end of the first quarter of 2018.
But adherence to the cuts is under scrutiny and the producer group said this week its output rose by 336,000 bpd in May to 32.14 million bpd.

Oil slips as data points to fast-growing supply

OPEC and other exporters such as Russia have agreed to keep production almost 1.8 mln bpd below the levels pumped at the end of last year. (File photo: AP)
Reuters, London
Wednesday 14 June 2017
Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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