Oil off 1% on inventory build-up

Oil Wednesday extended overnight losses as industry data showed a build-up in U.S. crude stocks. U.S. crude was off 65 cents, or 1.35%, at $47.59 at 08:00 ET. Brent crude shed 73 cents, or 1.43%, to $50.23. American Petroleum Institute weekly data Tuesday showed an increase of 4.5 million barrels in U.S. crude stocks to 533.6 million. Energy Information Administration figures are forecast to show a rise in crude inventories of 2.8 million barrels. U.S. oil output has risen to 9.1 million barrels a day from 8.5 million in June of last year. High inventories and the increase in U.S. production are undermining the impact of agreed output cuts by major producers. OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.