Brent oil falls below $47

Brent oil falls below $47

Oil prices fell more than 2% today after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt on efforts by producers to curb oversupply.

Global benchmark Brent futures were down $1.07, or 2.2%, at $47.04 a barrel at 0929 GMT, after falling to as low as $46.75, its weakest level in more than a week.

WTI crude futures traded at $44.40 a barrel, down $1.12 or 2.5%. Their session low of $44.20 was also the lowest in over a week, Reuters reported.

Weekly U.S. government data showed on Thursday that U.S. oil production rose one percent to 9.34 million barrels per day, correcting a drop in the previous week that was down to one-off maintenance and hurricane shutdowns.