West Texas Intermediate futures for October delivery fell to $45.57 (-0.76%), while Brent crude slid to $48.76 (-0.27%) after Saudi Arabia rejected producer summit saying that this meeting would not result in a defined solution and action to support prices of oil.

Yesterday prices rose amid data from the International Energy Administration. U.S. crude oil inventories rose by 2.6 million barrels to 458 million barrels last week, while crude stocks at the Cushing delivery hub in Oklahoma fell by 897,000 barrels to 56.41 million barrels. U.S crude oil production fell by 83,000 barrels a day over the same week to 9.1 million barrels a day, its lowest level since January. The same report showed that demand for gasoline over the past four-week period rose almost 4% on an annualized basis.

Analysts say that seasonal oil demand is expected to partly consume inventories in winter and help support prices.