Oil edges lower ahead of EIA stock data

Oil prices moved slightly lower on Wednesday ahead of US official inventories data after American Petroleum Institute showed a rise of 940,000 barrels in US crude stocks late Tuesday.

West Texas Intermediate futures dropped 0.69% to $46.03 a barrel at the beginning of the New York session.

Later today, the Energy Information Administration (EIA) will release official figures on crude inventories. The EIA is expected to report an increase of 921,000 barrels in the week ended Aug 26.

Meanwhile, crude prices have been giving up recent gains over the last sessions as hopes of a deal between major producers to freeze output faded.