Oil prices fell nearly 5 percent on Thursday, reversing early gains after the U.S. government reported a weekly crude draw that disappointed investors expecting larger declines.
Brent crude oil futures fell $2.28, or 4.7 percent, at $46.52 per barrel at 1:06 p.m. ET (1706 GMT) on Thursday. It rose 1.6 percent earlier to a session high of $49.59.
WTI crude was trading at $45.16 per barrel, down $2.27, or 4.8 percent.
Oil prices have risen more than 70 percent from 12-year lows of around $27 for Brent and $26 for U.S. crude in the first quarter, driven by unexpected crude supply outages from Nigeria to Canada.