Jonathan Alcorn | Reuters
Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.
Oil fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.
U.S. West Texas Intermediate (WTI) crude futures were at $48.85 per barrel at 0046 GMT, down 31 cents, or 0.6 percent, from their last settlement.
That came after the contract opened above $50 for the first time since May 25 on Tuesday.
Brent crude futures, the international benchmark for oil prices,were trading down 30 cents, or 0.6 percent, at $51.48 per barrel.