Crude oil futures fell for a fifth straight session Wednesday, as traders shrugged off data showing a draw down in U.S. oil inventories.
U.S. crude stockpiles fell by 933,000 barrels last week, the Energy Information Administration (EIA) said.
This was much smaller than the 2.3 million-barrel draw anticipated by the market.
U.S. crude West Texas Intermediate for July ended the session down 48 cents, or 1 percent, at $48.01.
The EIA also reported that OPEC saw their revenues from oil sales fall by $349bn last year.
The Federal Reserve on Wednesday voted against raising interest rates in the wake of a dismal jobs report and concerns about the global economy.
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