Investing.com - Crude oil prices fell further in Asia on Wednesday on a spurt in U.S. industry figures for stockpiles last week, but there was evidence that gasoline demand was up with a fall in supplies as the Labor Day weekend approaches.
Crude oil for October delivery on the New York Mercantile Exchange fell 1.10% to $47.57 a barrel. London-traded Brent futures dipped 0.86% to $49.53 a barrel.
The American Petroleum Institute reported a 4.46 million-barrel rise in U.S. crude supplies for the week ended Aug. 19, sources said.
There was a solid 2.1 million draw in gasoline stocks, more than expected, while distillates showed a draw of 800,000 barrels on the week. Gasoline stocks are key ahead of the end of the Summer driving season though imports from China continue to weigh on the market.
Attention now turns to official data from the Energy Information Administration to be released Wednesday.
Overnight, oil prices fell sharply for the second day in a row on Tuesday, retreating further from the highest levels in nearly two months.
Over the past two weeks, crude prices soared almost $10 a barrel, or nearly 25%, as the prospect of an output freeze by major producers at an informal OPEC meeting in Algeria next month sparked a massive rally.
However, analysts have warned that the chances of suppliers, particularly members of OPEC, agreeing on a deal were limited.
An attempt to jointly freeze production levels earlier this year failed after Saudi Arabia backed out over Iran's refusal to take part of the initiative, underscoring the difficulty for political rivals to forge consensus.