Oil is nosediving

The price of oil is falling on Friday, amid concerns about oversupply.

US West Texas Intermediate is down 2% to $47.07 a barrel at 12.12 a.m. BST (7.12 a.m. ET):

source
Markets Insider

Brent is also down close to 2% at $49.41 a barrel:

source
Markets Insider

The fall appears to be driven by fears that the US could be about to ramp up oil production, flooding the market with oil and depressing prices.

Connor Campbell, a financial analyst at SpreadEx, says in an email: “Trump’s decision to remove America from the Paris climate agreement has sparked concerns that the country will ramp up its drilling, negating any output cap implemented by OPEC.”