"Oil prices declined after data showed an increase in USA crude inventories, fuelling concerns that markets remained oversupplied, despite efforts by top producers Saudi Arabia and Russian Federation to cut output", the Department of Energy said in a statement.
Benchmark Brent crude oil was 20 cents a barrel lower at US$49.27 by 9:50 a.m. ET, down around eight per cent from its level before OPEC and its non-OPEC allies said they were extending cuts until March 2018.
The price signal reflected other signs that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by nearly 1.8 million barrels per day (bpd) was starting to impact actual supplies.
The sharp rise in USA inventories comes a day after the EIA lowered its crude oil price forecast and raised its US production outlook for 2018.
The report also revealed a shock increase in diesel and petrol inventories after the EIA estimated United States demand fell by 1 million barrels a day last week. The nations exports to Indian buyers in June were set to decline by just over 3 million barrels, and supplies to Japan will drop by just under 1 million barrels this month, according to a Reuters' source.
"To add to this, OPEC could face a brewing political crisis as two key members have broken diplomatic ties with Qatar", Gupte noted.
There are already doubts the effort to curb production by nearly 1.8 million bpd is seriously denting exports.
US crude futures were recently down 46 cents, or 0.97%, at $47.20 a barrel on the New York Mercantile Exchange.
"Flagging gasoline demand continues to bedevil the market".
Commodities brokerage Marex Spectron said it expects a "lower supply of crude oil on the physical market" in the coming weeks, lending oil prices some support.
WTI was trading at $48.10 at 2:30pm EST, up 1.48 percent on the day-with Brent trading at $50.05 per barrel, or 1.17 percent up since open. WTI fell 0.5 percent on Monday, while Brent Crude lost nearly 1 percent. Late Tuesday, the American Petroleum Institute, an industry group, reported a 4.6 million barrel drop, but gasoline inventories rose by 4.1 million barrels. Traders believe that the reduction in production of oil by OPEC member countries is one of the reasons why prices are going up.
Costa has netted 58 goals in all competitions since Chelsea paid Atletico a fee of £32m for him in 2014. The 28-year-old told Cadena SER: "Signing for Atletico doesn't mean that I wouldn't be playing".
With the DUP providing the Conservatives a narrow, but crucial, majority in Parliament, it could have an outsized influence. The party is now six points ahead on 45pc, its best result throughout the entire campaign. "I can still be prime minister".
Arrieta defeated Miami 10-2 last time out with both runs given up on two hits and a trio of walks in six innings of work. They started off the series with a close win, 3-2, a much-needed triumph over their rivals after a long losing streak.
An global aid group that helps displaced Palestinians worries the Qatar crisis could negatively affect support for the Gaza Strip. The Saudi position is very clear: "Hamas and the Muslim Brotherhood must leave Qatar".
May vowed to fight on, and fight on she did, striking a deal with DUP to reach the 326 seats needed for a majority in parliament. Already UK bookmakers are slashing the odds of a rival bid, with Boris Johnson once again emerging as a potential front runner.
The designation applies to active combat zones such as Afghanistan, Iraq, Syria, parts of Libya, parts of Yemen and now Somalia. The US attack was carried out by at least one armed Reaper drone flying from a base in Djibouti, a US official said.
Griffiths felt Scotland had done themselves proud, despite not being able to hold on for what would have been a famous win. However, Kane slammed in at the far post deep into stoppage time to break the hearts of the Tartan Army.
He then released the shackles with an aggressive approach and by the time Trent Boult dismissed him for 114 the contest was over. Boult should have got in on the act when Ross Taylor , injuring himself in the process, spilled Mushfiqur's hard edge to slip.
They were given clean clothes and were able to freshen up and finish their day at the Happiest Place on Earth. Officials at Disneyland notified the fire department to come out and verify exactly "what the material was".
Pro hockey: Predators eye road magic, upset
If Crosby brought his "A" game, Pekka Rinne once again brought his road game. "I don't know what he was trying to do". The team that has won Game 5 in a 2-2 series has gone on to win the Cup 71 percent (17 of 24) of the time since 1939.
UAE ruling family member: Qatar now questioning its leaders
He said: "The current crisis has nothing to do with the US Al Udeid Air Base in Qatar, as this is not an issue that concerns us". Saudi Foreign Minister Adel al-Jubeir said Gulf states could resolve the row with Qatar among themselves without outside help.