West TX Oil Around $47.50 on Global Glut Fears

U.S. crude futures fell towards $47.50 a barrel in early Asian trade on Wednesday, as worries about global oversupply outweighed the impact of stronger-than-expected U.S. demand for crude last week and a weaker dollar.

U.S. crude for September delivery dropped 25 cents to $47.73 a barrel as of 0003 GMT, after ending the previous session up 59 cents.

Brent futures for September delivery fell 30 cents to $53. The contract fell 17 cents in the previous session, and at one hit $52.28, its lowest since Feb. 2 on concerns about the stock market plunge in China, the world’s largest energy consumer.