Investing.com - Oil prices erased overnight gains in North American trade on Thursday, turning lower amid ongoing concerns over a global supply glut.
On the ICE Futures Exchange in London, Brent oil for September delivery declined 35 cents, or 0.74%, to $46.82 a barrel by 13:25GMT, or 9:25AM ET, after rising to a session high of $47.56.
A day earlier, London-traded Brent gained 51 cents, or 1.09%, amid a broad recovery in risk appetite.
Elsewhere, crude oil for September delivery on the New York Mercantile Exchange shed 38 cents, or 0.83%, to trade at $45.37 a barrel.
On Wednesday, New York-traded oil rose 30 cents, or 0.66%, after weekly U.S. supply data showed a larger than expected fall in crude stockpiles and a surprising increase in gasoline inventories.
The U.S. Energy Information Administration said that crude oil inventories fell by 2.3 million barrels last week. But at 519.5 million barrels, inventories are at historically high levels for this time of year, the EIA said.
The report also showed that gasoline inventories increased by 0.9 million barrels, disappointing expectations for a decline of 0.8 million barrels. Gasoline stocks are also well above the upper limit of the average range, according to the EIA.
According to market experts, elevated stocks of fuel products amid slowing demand growth is expected to keep prices under pressure in the near-term.