A global fall in oil prices has extended into its third week, on worries of oversupply and unseasonably warm weather.

Brent LCOc1 for December delivery fell 20 cents to $47.34 a barrel by 1000 GMT, with U.S. crude CLc1 also falling 37 cents to $43.61 a barrel.

Last night, Brent closed down nearly 1 percent at $47.54 a barrel, and U.S. crude closed down 62 cents at $43.98. Both crude benchmarks have lost about 10 percent over the past two weeks; this time last year, oil prices were above $100 a barrel, with the disparity causing visible financial difficulties for major oil companies.

According to Reuters, US commercial crude stockpiles are expected to have risen for a fifth straight week by an average of 3 million barrels to 479.6 million, fuelling fears of oversupply.