Oil prices fell today as OPEC became the latest organisation to indicate that the global supply glut was set to ease.
Energy-advisory body the International Energy Agency's already forecast that the crude oversupply would shrink dramatically later this year.
At around 1200 GMT, US benchmark West Texas Intermediate for delivery in June was down 46 cents at USD 46.24 a barrel.
Brent North Sea crude for July dropped 43 cents to USD 47.65 a barrel compared with yesterday's close.
OPEC today said a global crude glut that has squeezed the market and sent prices plunging over the past year "may be easing" as a result of countries outside the oil producing cartel dropping their production.
While prices have surged to six-month highs this week after plunging below USD 30 in February, they are still far below levels of around USD 100 a barrel seen two years ago.
