Oil prices fell on Wednesday after a surprising jump in U.S. crude exports to a record 2 million barrels per day fanned worries about global oversupply.
U.S. exports have became more attractive to buyers because the price of U.S. West Texas Intermediate crude (WTI) futures has been trading at a steep discount to Brent.
Rising U.S. crude production has held down WTI prices, while Brent's price has been heavily influenced by output cuts led by the Organization of the Petroleum Exporting Countries.
U.S. West Texas Intermediate crude futures ended Wednesday's session down 44 cents, or nearly 1 percent, to $49.98 per barrel. Brent crude futures were down 19 cents to $55.81 a barrel at 2:29 p.m. ET (1829 GMT).
The spread between the two benchmark's December contracts , which had narrowed earlier in the day, widened out again, to $5.36 a barrel from $5.31 before the data.