Oil prices have fallen due to concerns that ongoing oversupply of crude and refined products may weigh on markets for some time.

Brent crude futures fell 24 cents and were trading at $45.45 a barrel, while the US crude dropped 25 cents at $43.94 a barrel, Reuters reported. 

Morgan Stanley told the news agency: "With the market increasingly trading on DoE (US Department of Energy) stats, this could be a catalyst for additional downside."

"With the market increasingly trading on US Department of Energy stats, this could be a catalyst for additional downside."

Barclays bank said that demand support from developed economies had washed out while growth from China, as well as India had slowed.

Energy Aspects said that at the time of supply-and-demand balances, the market was beginning to show small signs of 'normalcy'.

Due to new tensions in Libya, the country may not witness a boost to its oil exports any time soon.

Oil prices also declined due to a strong dollar and a fourth weekly rise in the US oil rig count.

The US Commodity Futures Trading Commission said that money managers in the country reduced their net long crude futures and options positions, which are expected to profit from increasing prices.