Oil resumed its decline as industry data showed US crude stockpiles extended gains, exacerbating an inventory overhang.
West Texas Intermediate for July delivery slid as much as 1.1% to $45.99 a barrel on the New York Mercantile Exchange as of 07:39 am,
Brent for August settlement lost as much as 0.86% to $48.30 a barrel on the London-based ICE Futures Europe exchange.
US crude inventories added 2.75 million barrels last week, while gasoline stockpiles increased by 1.79 million barrels last week, the API said Tuesday, according to people familiar with the data. The EIA is forecast to report crude stockpiles slid 2.45 million barrels and motor fuel inventories dropped by 1.15 million barrels, according to the median estimate in the Bloomberg survey.
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