Oil markets were steady to lower on Wednesday after a report of rising U.S. fuel and crude inventories underscored concerns that a three-year supply glut is far from over. Brent crude futures were at $46.67 per barrel at 0329 GMT, close to their last close. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2 percent, at $44.16 per barrel. 

Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but a report by the American Petroleum Institute (API) showed that U.S. crude inventories rose by 851,000 barrels in the week to June 23 to 509.5 million, compared with analysts' expectations for a decrease of 2.6 million barrels.

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