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Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.

– Reuters pic, September 23, 2015.Brent crude oil rose towards US$50 RM217) a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China.

According to a Baker Hughes report, the USA oil-rig count fell by eight to 644 in the latest reporting week, the third straight decline after six consecutive weeks of increases.

Oil traded steady to higher on Tuesday, buoyed by gains on Wall Street that helped prices rebound after a tumble in the previous session, ahead of an industry report that’s expected to show if US crude stockpiles have fallen after weeks of gains.