Singapore: Oil prices fell in Asia Wednesday, giving up meagre gains in the previous session as investors await a US inventory report to gauge demand in the world´s top economy.
US benchmark West Texas Intermediate for September delivery fell 17 cents to $42.45 a barrel and Brent crude for October dipped 23 cents to $48.58 a barrel in late-morning Asian trade.
Both contracts eked out modest rebounds in closing deals in New York on Tuesday.
But analysts said prices were unlikely to stage a sustained rally because the market remains awash with supplies from the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia.
Oil traders are also watching a report on US crude inventories in the week ending August 14 due later Wednesday to measure demand in the world´s biggest economy and large producer of shale oil.
Analysts expect inventories to decline, but also said stockpile levels remain high after a weaker-than-hoped rise in demand during the summer driving season.