Oil down 1 percent on surprise rise in U.S. inventories, high OPEC output @WWW.MCXRESEARCHGURU.COM 8859222859

Oil prices fell 1 percent on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.

U.S. West Texas Intermediate (WTI) crude futures were at $48.68 per barrel at 0303 GMT, down 48 cents, or 1 percent, from their last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday.

Brent crude futures, the international benchmark for oil prices, were down 47 cents – almost 1 percent – at $51.31 per barrel.

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