The fall in oil prices is continuing due to the ongoing global oil glut despite efforts by the OPEC to tighten the market.

Brent crude LCOc1 lost 11 cents and settled at $47.75 a barrel, while the US West Texas Intermediate (WTI) crude CLc1 was down by 10 cents at $45.54, reported Reuters.

OPEC along with other key oil producers decided to continue the ongoing production curb of 1.8 million barrels a day to the first quarter of 2018.

Earlier, the US Energy Information Administration (EIA) reported an increase in commercial oil inventory to 513.2 million barrels this week.

Despite the summer season has already started witnessing peak demand, stocks of refined products have also improved in the last week.

"Stocks of refined products have also improved in the last week."

The Asian market is one of the key regions of crude consumption and remained oversupplied as traders continued to pump additional crude into floating storage.

Thomson Reuters Eikon shipping data showed that approximately 25 supertankers are currently waiting at Strait of Malacca and the Singapore Strait with unsold fuel.

National Oil Corporation of Libya stated that Sharara oilfield has reopened following a workers' protest and is expected to return to normal production within three days.

This may improve global oil production further.