Oil prices edged lower on Monday, weighed down by an expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to tighten the market by cutting production.
Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced late last year.
Brent crude futures (LCOc1) were down 16 cents at $47.21 per barrel at 0841 GMT.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 19 cents at $44.55 per barrel.