The overnight gains are currently shed as investors have set aside the long term positive news of Iran's participation in Oil Production Freeze Talks, and are focusing the short term news, i.e. the US Weekly Inventories. American Petroleum Institute showed in its survey that Crude Oil Inventories are in a surplus which suggests weak demand in the US. While, the actual figures will be released at 19:30 ( local time / GMT +5).
Technically, Oil has very strong support at 46.30 now and if it fails to hold by closing today, the next level would be 44 .50. On the upside, the potential is still there for 49.50 and break above that would open 51.