Late last year, the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year.
The precise trigger for the two-day sell off, which has loped more than 7% from global crude prices, is hard to pinpoint, but the downward slope has been evident since last month's OPEC report in which the cartel raised its supply forecast for non-members, thanks in part to a huge upswing in shale oil production.
Producers outside of OPEC picked up the pace, however, leading to oversupply issues like those that drove prices down on Thursday.
Both contracts slid during the session to the lowest since November 30, the day OPEC agreed to cut supply.
A glut of crude oil on the market helped push crude oil prices to historic lows previous year, but the modest recovery has led to plans of expansion for major oil companies.
The US data and some investors "losing faith with Opec" are not helping the oil price, said Abhishek Deshpande, an oil analyst at Natixis.
Oil prices sharply extended losses just before Tuesday's settlement, with US crude breaking below $48 a barrel for the first time in more than a month.
Brent crude settled at US$48.38, or 4.75 per cent lower, after tumbling as much as 5.17 per cent during the session.
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Russia's Energy Minister, Alexander Novak, said in written comments on Thursday that his country is inclined to extend.
USA oil production is increasing and the drawdown on the United States crude stock came in at 930000 barrels less than half of the 2.3 million barrel reduction that had been anticipated, a factor which may soften demand.
One major reason behind the trend is the uncertainty whether OPEC and Russian Federation would extend their deal into the second half of the year.
US crude output is at its highest since August 2015 as shale explorers intensify drilling.
Members of the oil cartel will be meeting in Vienna at the end of May to decide whether to extend their production cuts.
"We disagree and think that OPEC will manage to extend the cuts and we'll see inventories fall in the second half of the year". Oil recovered some of its losses later Friday, trading 0.5% lower at around $45.30 by late afternoon in Asia.
Traders said that the tumbling market was a result of soaring U.S. oil production, which has risen over 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russian Federation and Saudi Arabia.
Prices also fell as risks to crude production in Libya, which is not part of the OPEC deal, eased following news that two factions made progress toward a resolution of the nation's political crisis that has, at times, disrupted crude production.