Oil prices were down early Wednesday with a surprise U.S. crude oil inventory build adding to the supply glut in the global oil market to put a downward pressure on prices.
International benchmark Brent crude was trading at $62.66 per barrel at 0617 GMT for a 0.44% loss after closing Tuesday at $62.94 a barrel.
American benchmark West Texas Intermediate was at $56.98 a barrel at the same time for a 0.21% loss after ending the previous session at $57.10 per barrel.
Crude oil inventories in the U.S. are estimated to increase by 4.26 million barrels for the week ending Oct. 31, according to the American Petroleum Institute (API) data released on Tuesday.
Official figures of the weekly change in the U.S.' crude oil inventories will be released late Wednesday by the country's Energy Information Administration (EIA).
On the demand side, the trade war between China and the U.S. continues to dampen the outlook for global economic growth and overall oil demand around the world, keeping the downward pressure on prices.
By Ovunc Kutlu