Brent crude futures LCOc1 were down 51 cents, or 1 percent, at $50.28 a barrel as of 0648 GMT. Prices hit $50.13 earlier in the session, the lowest since Oct. 3. U.S. crude CLc1 was at $49.37 per barrel, down 59 cents, or 1.2 percent, from its settlement on Tuesday. It dropped to $49.21 earlier, the lowest since Oct. 10.

Brent crude futures LCOc1 were down 18 cents at $51.60 a barrel by 0725 ET. U.S. West Texas Intermediate (WTI) crude CLc1 was down 37 cents at $50.48.

U.S. West Texas Intermediate (WTI) crude CLc1 was trading at $50.59 a barrel at 0652 GMT, down 4 cents from its last settlement. Brent crude futures LCOc1 were up 7 cents at $51.45 per barrel.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.81 per barrel at 0011 GMT, up 52 cents, or 1 percent, from their last settlement. International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.9 percent.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.81 per barrel at 0011 GMT, up 52 cents, or 1 percent, from their last settlement. International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.9 percent.

Brent crude LCOc1 was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was up 40 cents, or 0.8 percent, at $50.34 a barrel.

Brent crude oil prices are forecast to average $43/barrel (b) in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent in 2016 and in 2017. The current values of futures and options contracts suggest high uncertainty in the price outlook. NYMEX contract values for January 2017 delivery traded during the five-day period ending October 6 suggest a price range from $37/b to $68/b encompasses the market expectation of WTI prices in January 2017.

Brent crude, the global oil benchmark, rose 0.2% to $51.91 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.1% at $50.21 a barrel.

December Brent crude oil futures LCOc1 were down 42 cents at $52.72 a barrel by 1100 GMT, below Monday's one-year high at $53.73, but off an intraday low at $52.51, while U.S. futures CLc1 were down 43 cents at $50.92 a barrel.

"Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," Goldman analysts said.