By Mahmoud Gamal
Mubasher: Oil prices saw a slide in Wednesday's early trading to register the lowest mark in a month on concerns over stockpile data and the failure to reach an output freeze deal.
By 3:30am GMT, Brent crude futures were lower 34 cents or 0.7% to stand at $48.14 per barrel, while US West Texas Intermediate (WTI) crude fell by 88 cents or 0.41% to reach $46.26 a barrel.
Earlier, the American Petroleum Institute (API) said crude stockpiles rose by 9.3 million barrels in the week to 28 October and the API will reveal the weekly stockpile data today's evening.
Oil prices are likely to see a wave of fluctuations ahead of the OPEC meeting this month, said commodity market analyst Zaml Alotaibi, indicating that the market is threatened by an oil glut, namely after OPEC announced last October that levels of production rose by 130,000 a barrel daily to reach 33.82 million.
