Oil prices fell on Wednesday, pulled down by a report of surging U.S. crude inventories, rising output in Nigeria and squabbling among producers about a planned output cut, which together re-ignited concerns over a global supply glut. 

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U.S. West Texas Intermediate crude oil futures were trading at $49.34 per barrel at 0012 GMT, down 62 cents, or 1.24 percent, from their last settlement.

                        International Brent crude futures were down 53 cents, or 1.04 percent, at $50.26 a barrel.

"Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8 million barrels against an expected rise of 1.7 million," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

Official fuel storage data by the Energy Information Administration (EIA) is due later on Wednesday."EIA crude inventory figures will be closely watched tonight. A large jump in inventories will no doubt see crude pushed lower again," Halley said.