Oil prices fell on Thursday, pulled down by rising U.S. crude inventories, a stronger dollar and surging output from Iran to Europe and Asia.
Brent crude futures were down 87 cents, or 1.8 percent from their last settlement, trading at $48.06 per barrel at 0159 GMT.
U.S. crude futures were down 74 cents, or 1.5 percent, at $47.45 a barrel.
Both contracts broke 2016 highs earlier in the week on the back of output cuts across the Americas, in Africa and also in Asia.
