Investing.com - Oil was lower Wednesday after industry data showed a surprise rise in U.S. stockpiles.
U.S. crude was off 38 cents, or 0.82%, at $46.08 at 08:00 ET. Brent shed 31 cents, or 0.64%, to $48.41.
The American Petroleum Institute Tuesday reported a rise in U.S. crude stocks of 2.753 million barrels.
Crude stockpiles were forecast to fall by 2.739 million barrels.
The Energy Information Administration is due to release the official inventories report later in the session.
Investors also noted a rise in OPEC output in May as Libya and Nigeria increased production.
Nigeria and Libya are exempt from an accord by OPEC and non-OPEC producers to curb output by 1.8 million barrels a day.
The accord was extended in May for another nine months to March of next year.
Higher U.S. output is working against the major producers' efforts to make inroads into high inventories.
The international Energy Agency's said in its monthly the market might not re-balance until toward the end of the duration of the accord.