Investing.com – Oil futures were down by over 1% on Wednesday with Middle East output set to increase, while demand from China remains weak.
U. S. crude futures for July delivery were down 61 cents, or 1.24 %, at $48.49 a barrel at 0645ET, while Brent crude futures for August delivery shed 1.24% to $49.27.
Figures released Wednesday on the manufacturing sector in China showed that growth in activity remained tepid in May.
The OPEC meeting in Vienna on Thursday is expected to put the emphasis on market share. Ahead of the meeting, UAE Oil Minister Suhail Al Mazroui said he was happy with the current state of the market.
The latest weekly American Petroleum Institute inventory figures are due out later Wednesday.