Oil skidded again on Friday, pushing prices to three-month lows as investors continued to flee bullish positions on worries that OPEC-led production cuts have not yet reduced a global glut of crude.
U.S. crude has slumped about 9 percent since Tuesday's close, marking its biggest three-day decline since February, 2016.
Selling appeared to accelerate in the afternoon after U.S. crude fell through the 200-day moving average of $48.68 a barrel.
Prices began to slide earlier this week, after news of another big rise in U.S. crude inventories to record highs. On Friday, oil services firm Baker Hughes reported another weekly increase in the U.S. drilling rig count.