Oil dips

Singapore

Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang.

Brent crude futures, the international benchmark for oil prices, were at $48.63 per barrel at 0656 GMT, down 21 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $46.20 per barrel, down 20 cents, or 0.4 percent. Since the start of the year, crude prices are down around 15 percent, making oil one of the worst performing commodities in 2017. U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the American Petroleum Institute said on Tuesday. Outside the United States, supplies from the Organization of the Petroleum Exporting Countries (OPEC) remained high, largely due to rising output from member-states Nigeria and Libya, despite the club´s pledge to cut production.