Oil prices weakened further on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt over OPEC’s ability to cut output and tighten the market.
U.S. West Texas Intermediate (WTI) was trading down 4 cents at $49.52 per barrel at 0845 GMT, after gaining 0.7 percent in the previous session. The WTI price has fallen for seven of the past eight sessions.
North Sea Brent crude, the international benchmark for oil prices, eased 3 cents to $52.07 per barrel. Brent is around 8.5 percent below its April peak.
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