Oil fell to its lowest since late November on Thursday, as concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years.
Brent crude oil futures were down $1.19, or 2.3 percent, at $49.60 a barrel by 9:39 a.m. (1339 GMT), also striking a new low going back to Nov. 30.
U.S. West Texas Intermediate (WTI) crude futures were down $1.25, or 2.6 percent, at $46.57 a barrel, dropping below the previous 2017 low to the weakest level since Nov. 30.
The Organization of the Petroleum Exporting Countries, together with major rivals such as Russia and Oman, announced on Nov. 30 that they would cut oil output for the first six months of this year to eat into a vast global overhang of unused crude.
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