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Baker Hughes also reported a reduction in natural gas rigs, bringing total USA rigs were to a 13-year low.

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

Oil prices have been going down for more than a year and now, these are trading at less than half of what their peak levels were in 2014, thanks to huge oversupply by oil producers in North America an the Middle East.

US benchmark crude West Texas Intermediate (WTI) was trading at $46.69 a barrel Thursday at 11:56 a.m. EDT.

US West Texas Intermediate (WTI) crude futures were trading down $1.55, or 3.3 percent, at $45.35 a barrel.

“$1.5-trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel“, Woodmac added. In July, however, Federal Reserve Chair Janet Yellen said the Fed would raise rates this year if economic conditions...

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.

The lower CPI could lead to the Federal Reserve deciding to not raise interest rates this month.

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.

Oil prices fell on Monday as weaker than expected Chinese data weighed on markets, adding to concerns that declining global demand would worsen a surplus of crude.

Cheap fuel is also hooking consumers, with oil demand growth set to hit a five-year high this year, it added.

Meanwhile, the spread between the Brent and the WTI crude contracts stood at 7.08 a barrel, compared to 6.88 by close of trade on Wednesday.

Brent oil closed at a $4.45 premium to West Texas Intermediate, the U.S. benchmark.

An increase in Iranian crude oil production of around 600,000 barrels per day is likely in the latter half of next year, a U.S. federal report found.