Oil prices remain steady at $48 a barrel, as investors looked for bargains following a drop in prices the previous day due to a rise in gasoline stocks in the US.
Data released by the Energy Information Administration (EIA) on Wednesday showed an increase in gasoline stockpiles in the US 1.4 million barrels last week, which lead to a decline in crude prices.
Further EIA said that distillate inventories, including fuel oil and diesel on the east coast, increased to 59 million barrels, the highest since 2011.
New concerns were raised regarding high product stocks during the third quarter following a rise in motor fuel in the US after the summer driving season dropped off.
According to BMI Research, the underlying supply and demand fundamentals remain weak for Brent and WTI, despite early signs of a reduction in shale production in the US.
Last week, Baker Hughes reported that the number of rigs engaged in exploration and production across country has fallen by 1.2% to 644.
Despite the decline in the number of rigs, the analysts believe that the oil outlook still remains clouded as supply outstrips demand.