Global crude oil prices fall more than 1%

Global crude oil prices fell more than 1 percent, as news of rising Iranian exports and returning supplies from Libya and Nigeria, following interruptions, fueled concerns that the global glut will persist. 

Brent crude oil futures fell 1.4 percent, or 64 cents, at 45.95 dollars a barrel. U.S. crude was down 55 cents, of 1.3 percent, to 43.36 dollars a barrel. Both contracts have fallen 8 to 9 percent in just one week. And



last week's data showed U.S. drillers had added seven oil rigs in the week to September 9, bringing the total rig count to 414, the most since February. 

The focus will turn to drilling activity in the U.S. The level of U.S. production is seen as key to market balancing, for since 2010 the U.S. has witnessed more growth in daily output than any other major producer, thanks to the boom in shale oil production.