Brent oil slid further below $50 a barrel on Wednesday, falling for a third day, on worried over a supply glut and slowing demand slow, as economic growth moderates in the world's second largest oil consumer.
Brent crude was last down 0.31% at $49.53 a barrel, while the U.S. WTI futures were trading at $46.60 a barrel, down 0.15%.
Brent fell to $42.23 on Aug. 24, the lowest since March 2009. U.S. crude was up 1 cent at $46.67.
Chinese growth for the third quarter is expected to fall below 7 percent for the first time since the global financial crisis.
Meanwhile, the International Energy Agency (IEA) said on Tuesday that oil demand growth would slow next year and a potential increase in supply from Iran would counter slowing output from the United States and other countries outside OPEC, keeping the market oversupplied.
The Organization of the Petroleum Exporting Countries in 2014 dropped its longstanding policy of supporting prices by reducing output, choosing instead to defend market share against higher-cost producers such as U.S. shale oil.
As a signal that the strategy is working, an estimate from the U.S. Energy Information Administration sees U.S. shale production declining by the most on record in November, extending a nationwide output fall into a seventh month. However, the latest round of weekly U.S. supply reports is likely to suggest no end to the surpluss is yet on the horizon.
Analysts expect reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy (EIA) will show crude stocks rose by 2.9 million barrels. The API releases its data at 2030 GMT, followed by the EIA on Thursday.
OPEC has shown no interest in lowering production to support prices, but crisis-striken member Venezuela has been urging the group to control output and seek a "floor" for prices at $70. On Tuesday Venezuelan Oil Minister Eulogio del Pino said eight non-OPEC countries had been invited to attend an Oct. 21 technical meeting of oil experts, who will discuss Venezuela's suggestion of a price floor, Reuters reported.
