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Oil prices declined on concerns over global oil oversupply. Russian Energy Minister Alexander Novak said on Wednesday that Russia might increase oil production by 1% this year from 10.6 million barrels per day in 2014.

Kazakh Deputy Energy Minister Uzakbai Karabalin said on Wednesday that the country could lower its oil production by a tenth in 2016 if oil prices fall to $30 per barrel. Kazakhstan produced about 1.6 million barrels a day in 2014.

Earlier, oil prices benefited from the news that China's Finance Ministry would strengthen fiscal policy to boost the economy.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Thursday.

WTI crude oil for October delivery decreased to $45.16 a barrel on the New York Mercantile Exchange.

Brent crude oil for October declined to $48.34 a barrel on ICE Futures Europe.

Gold price decreased slightly as the U.S. dollar and stock markets increased. Stock markets benefited from the news China's Finance Ministry would strengthen fiscal policy to boost the economy.

Market participants are awaiting the Fed's policy meeting next week. It remains unclear if the Fed will start raising its interest rate in September or not.

October futures for gold on the COMEX today declined to 1108.70 dollars per ounce.

China's National Bureau of Statistics (NBS) said on Wednesday that it plans to change the GDP calculation. The statistics bureau wants to adopt international standards and to improve the accuracy.

The third-quarter GDP data is scheduled to be released on October 19. The statistics bureau wants to use the new methodology.

A European business lobby said on Tuesday that the Chinese government is losing momentum in the implementation of reforms.

China is expected to show its slowest economic growth in 25 years in 2015 and stock markets dropped 40% since mid-June.

The European Union Chamber President Joerg Wuttke said that there is still strong potential for growth in China but the Chinese government should implement reforms faster.

According to Platts, a global provider of energy, petrochemicals, metals and agriculture information, oil production from the Organization of the Petroleum Exporting Countries (OPEC) declined by 140,000 barrels per day (b/d) to 31.26 million b/d in August from 31.4 million b/d in July as several member countries, including Saudi Arabia, cut its output.

Margaret McQuaile, senior correspondent for Platts, said that it is the first decline in oil production since February. She added that "it shouldn't be over-interpreted".

"The August total still puts OPEC exceeding its official ceiling by 1.26 million b/d and Saudi oil is still flowing at record levels," McQuaile pointed out.

West Texas Intermediate futures for October delivery are currently at $45.91 (-0.07%), while Brent crude climbed to $49.75 (+0.46%) following optimism in stock markets. Meanwhile a survey by the Platts agency showed that oil production from the Organization of the Petroleum Exporting Countries was slightly lower in August at 31.26 million barrels per day compared 31.4 million bpd in July, but still above the cartel's production ceiling of 30 million bpd.

The American Petroleum Institute will publish its crude stockpile numbers later today, and the Energy Information Administration will report on Thursday. Crude inventories are expected to show another rise.

China's crude oil imports declined 10.2% in August from July, but were still 5.6% above levels seen a year ago. ANZ says oil imports to the world's second-biggest economy will be supported by new storage facilities by independent oil players and the permission for two more independent oil refiners to import oil.

Gold is currently at $1,121.90 (+0.08%) near a 2-1/2-week low amid ongoing uncertainty over Fed interest rate decision at a September 16-17 meeting. Bullion is likely to remain in a tight range until this meeting.

Gold has failed to find a strong safe-haven demand despite the recent turmoil in stock markets due to concerns over the Chinese economy, signaling that U.S. monetary policy is the key fundamental factor for its direction.