Oil fell on Tuesday, hitting one-month lows, as U.S. gasoline prices pared an early rally sparked by a pipeline blast and crude was also pressured by renewed doubts about whether OPEC will follow through with proposed output cuts.
The American Petroleum Institute (API) reported U.S. crude stocks rose by 9.3 million barrels in the last week. Analysts had forecast that U.S. crude stocks had increased by more than 1 million barrels last week after unseasonal declines in seven of the past eight weeks also weighed on crude.
The API report came ahead of official government data on Wednesday.
U.S. West Texas Intermediate (WTI) futures settled down 19 cents, or 0.4 percent, at $46.67 a barrel, after a near-4 percent drop on Monday. They were lower after the settle following the API release.
Brent January crude futures were down 64 cents, or 1.3 percent, at $47.97 a barrel by 4:50 p.m. ET (2050 GMT). They fell by nearly 3 percent the day before in their biggest one-day drop since Sept. 23.