Oil prices fell in early trade on Tuesday on concerns over increased drilling in the United States and as investors took profits after oil prices rose close to 1 percent in the previous session.
Markets will also be keeping a close eye on Chinese activity data due for release later in the day for clues on the demand strength for crude.
Brent crude futures were trading at $47.98 per barrel at 0109 GMT, down 34 cents, or 0.7 percent, from their last settlement.
U.S. West Texas Intermediate futures were down 41 cents, or 0.9 percent, at $45.88 a barrel.
Oil’s 4 percent price decline since Sept. 8 partly reverses a 10 percent rally early in the month, which was fuelled by speculation that oil exporters could cap production.
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