Oil turns lower, back below $47.00/bbl

Crude oil prices turned lower erasing early session gains, with West Texas Intermediate falling back below $47.00 a barrel as attention shifts to US supply data.

West Texas Intermediate for October delivery dropped 1.09% to $46.47 a barrel on the New York Mercantile Exchange, after being as high as $47.49/bbl.

The American Petroleum Institute is due to release its weekly report at 20:30 GMT on Tuesday while official data from the Energy Information Administration will be publiched Wednesday.