Oil prices fell on Wednesday after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back on output.
Brent crude futures were at $48.41 per barrel at 0652 GMT, down 31 cents, or 0.6 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $46.10 per barrel, down 36 cents, or 0.8 percent.
Crude prices have fallen by more than 10 percent since late May, pulled down by an supply glut that persists despite a move led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.
OPEC’s own compliance with the cuts has been questioned, and the producer group said in a report this week that its output rose by 336,000 bpd in May to 32.14 million bpd.
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