Oil prices fell more than 3 percent on Wednesday, sharply pulling back from their longest bull-run in more than five years, as climbing OPEC exports turned sentiment more bearish.
Brent crude futures, the international benchmark for oil prices, were at $48.23 per barrel at 10:34 a.m. ET (1434 GMT), down $1.38, or 2.8 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $45.49 per barrel, down $1.58, or 3.4 percent.
"The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the newsflow of rising OPEC supplies," said Carsten Fritsch, senior commodity analyst at Commerzbank.
Despite the dips, both markets have recovered more than 10 percent from recent intraday lows on June 21, although crude prices seem locked below $50 per barrel.