Oil prices came under pressure midweek on revived fears of a persistent supply glut, reinforced by shorter-term US weekly inventory estimates.
The market had surged on Tuesday but lost almost all their gains the following day.
Benchmark Brent crude was selling at $47.12, down $1.33, per barrel in late afternoon trading on Wednesday.
At the about the same time the previous week, Brent had been almost $48 per barrel, well below recent highs exceeding $52 per barrel.
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