On Wednesday, oil futures on West Texas Intermediate continue to decline after data showed that the volume of oil reserves in the US rose last week more than expected, reinforcing concerns about weaker demand.
On the New York Mercantile Exchange in the morning session, the American WTI crude oil for October delivery fell $ 1.07, or 2.36%, to get traded at $ 44.34 for a barrel. Before the release of the report on supplies, the prices held at around $ 45.21.
US Energy Information Administration in its weekly report said that oil reserves rose by 4.7 million barrels for the week ended August 28.
Market analysts expected the supplies growth by 32 000 barrels, while on Tuesday, American Petroleum Institute reported an increase of 7.6 million barrels.
Inventories in Cushing, Oklahoma, a key point of oil extraction for Nymex, reduced last week by 388 000 barrels, after rising by 256 000 barrels last week.
Total US crude inventories amounted 455.4 million barrels last week, remaining near a record level for this period of year over the past 80 years.
The report also showed that gasoline inventories fell by 0.3 million barrels, while distillate stocks rose 0.1 million barrels.
A day earlier, on the Nymex, oil prices fell $ 3.79, or 7.7%, after data showed that China's manufacturing sector contracted at the fastest pace in three years, while manufacturing activity in the US fell to more than two-year lows, underlining concerns over the situation of the global economy.
On the ICE Futures in London, Brent crude for October delivery fell 59 cents, or 1.2%, to get traded at $ 48.97 a barrel. On Tuesday, oil futures for Brent crude fell $ 4.59, or 8.48%, after a maximum three-day growth from 1990 by 25% due to the short positions.
In recent months, oil prices remain under heavy selling pressure as heightened concerns about the oversaturation of the world oil market has fallen off the price of raw materials.
The offer for oil on the world market is still ahead the demand due to the boom in shale oil in the US and after the adoption last year of OPEC's decision not to cut production volumes.