Oil prices have fallen further, adding to near 5% losses, as concerns about a worldwide supply glut resurfaced. Brent crude fell to $47.49 a barrel, while US crude dropped 2.1% to $44.58 a barrel in early May. It then moved back above the $50 mark mid-May.
Oil is at its lowest level since November, when producers' cartel Opec struck a deal to cut output.
Investors are worried that Opec nations will fail to rein in output further at their next meeting later this month.
Oil prices down by about 15% since the start of the year, despite Opec's agreement in November which cut output by 1.8 million barrels a day. Supply is still outpacing demand, with US oil production alone up by 10% since summer 2016.
It now pumps out some 9.3 million barrels a day - not far short of the two giant oil producing nations of Russia and Saudi Arabia
