Mubasher: Oil prices saw a slide in Wednesday's early trade after initial data revealed an increase in US crude stocks, ignoring OPEC efforts to cut production.
By 3:40am GMT, Brent crude futures declined 7 cents to stand at $46.88 per barrel and the WTI crude oil were lower 15 cents to $45.66 a barrel.
US Crude inventories rose by 3.6 million barrels compared with estimates of 1.5 million, thus hitting 488.8 million in the week to 11 November 2016.
"Inventory data negatively affected the oil market and led traders to take profits after prices reached yesterday the highest performance since April 2016", said commodity market analyst Zamel Al-Otaibi
