Oil slides

Singapore

Oil prices fell by as much as a further 3 percent on Friday, after prices had crashed to five-month lows in the previous session, as concerns about global oversupply wiped out all of the price gains since OPEC´s move to cut output.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $44.14 per barrel at 0335 GMT, down $1.39 or 3 percent, after a more than 4 percent drop the previous session.

WTI futures have fallen below prices when the OPEC cuts were agreed in late November and are at their lowest since Nov. 14. Brent crude futures, the international benchmark for oil prices, were at $47.05 per barrel at 0335 GMT, down $1.33 or 2.8 percent from their last close.

Prices fell to as low as $46.64, the lowest since Nov. 30.

Brent tumbled back below $50 in the previous session.