Investing.com - Oil was lower Wednesday, but off intraday lows, amid reports Russian opposes deeper output cuts.
U.S. crude was off 51 cents, or 1.08%, at $46.56 at 08:00 ET. Brent shed 41 cents, or 0.83%, to $49.20.
OPEC and non-OPEC producers, including Russia, have agreed to rein in output by 1.8 million barrels a day through to March.
The curbs have failed to make significant inroads into global inventories amid higher output by the U.S.
Nigeria and Libya, which have been exempt from the OPEC-led cuts, have also raised production.
OPEC exports reportedly rose in June despite the agreement to curb output.
The American Petroleum Institute is due to release U.S. crude stocks figures for the latest week.
These will be followed Thursday by official Energy Information Administration figures.
The EIA is forecast to report a fall in U.S. crude inventories of about 2.8 million barrels.