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Reuters survey on Tuesday showed members of the Organization of
the Petroleum Exporting Countries produced around 3 million
barrels per day (bpd) of oil more than daily demand in the
second quarter, compared with around 2 million bpd in the first
three months of the year.
The Federal Reserve meets later in the day, but market
expectations of a September rise in interest rates are fading,
leaving the dollar down against a basket of currencies <.DXY>.
"If you look at (inventories) there's been a pretty big build
and also a build in gasoline (stockpiles) that is going to add a
bit of pressure today," said Olivier Jakob, an oil analyst at
Petromatrix in Zug, Switzerland.
Front-month Brent futures <LCOc1> were last at $53.08 a barrel,
down 22 cents, by 1045 GMT (0645 EDT), on course for their sixth
straight daily decline, the longest such run since last July.
Brent hit a session trough of $52.28 on Tuesday, its lowest
since Feb. 2 after a meltdown in Chinese equities raised concern
over the health of the world's top commodity consumer.
U.S. crude for September delivery <CLc1> last traded at $47.75 a
barrel, down 23 cents on the day.
Oil prices recovered from multi-month lows on Tuesday after data
from industry group the American Petroleum Institute showed U.S.
commercial crude stocks fell by 1.9 million barrels last week
against analysts' expectations for a draw of 184,000.
But the inventory level of 462 million barrels reported by the
API, compared with 383 million at the start of this year,
reflected the extent of U.S. oversupply.
The government's Energy Information Administration will release
official U.S. oil inventory data later on Wednesday.
"Prices seem to have found the bottom of this rout as prices
rebounded off a support of $46.92 and $52.68 for West Texas
Intermediate and Brent," Phillip Futures said in a note.
(Reporting by Amanda Cooper, editing by Dale Hudson and William
Hardy)
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