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

November Brent crude on London’s ICE Futures exchange rose $0.44 to $48.13 a barrel.

Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations.

– 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.

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.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because US oil production is slipping faster than expected.

OPEC said it expected demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.