Oil fell more than $2 a barrel to below $48 today, as US data showed crude stocks grew again last week.
The US Energy Information Administration data showed a 2.8 million barrel increase in crude oil inventories.
Gasoline stockpiles increased by 2.2 million barrels, running counter to forecasts of a 1.4 million-barrel decline.
US crude was down $2.19 a barrel to $47.47 by 5.20pm, eroding yesterday's 2.6% gain. London Brent crude was down $1.74 to $47.49.
Oil prices have fallen $100 from highs above $147 a barrel in July 2008 as the economic downturn dents global energy demand.
