Light sweet crude oil (WTI) futures lost 0.77 dollar or 1.62 percent to close at USD 46.78 a barrel at the New York-based commodity exchange NYMEX.
United States production reached just over 9.5 million barrels a day last week, an increase of around 100,000 barrels per day on the prior week and the strongest level since the middle of 2015. October Brent crude on London's ICE Futures rose 0.5% to $50.52. In July 2017, OPEC oil production rose to ~32.9 million barrels per day above the pledged output level of 32.5 million barrels per day.
Oil traded little changed after government data showed US crude supplies fell by the most since September, yet gasoline and Cushing, Oklahoma stockpiles increased last week.
Gasoline inventories rose by 301,000 barrels for the week ending August 11, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels.
USA crude output rose by 79,000 bpd last week to 9.5 MMbopd, the EIA reported.