Oil prices fell by more than 1 percent early on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures, the international benchmark for oil prices, were trading down 58 cents, or 1.2 percent, at $47.53 per barrel by 0137 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.95 per barrel, down 57 cents, or 1.3 percent.

News of the production rise outweighed positive sentiment from falling crude and gasoline inventories in the United States. Oil prices were initially stronger of the back of the better than expected draw-down in inventories. However, the exuberance was short-lived, as the market turned its attention to another increase in U.S. production.

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