February 27, 2017


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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