Mubasher: Oil prices fell on Thursday, with American crude falling to its lowest level in 17 months. 

Nymex futures for February delivery dropped 4.8% and settled at $45.88 per barrel, after rising on Wednesday by around 3.4% after data showed the second consecutive decline in American crude inventories. 

This is the lowest close for Nymex futures since 21 July. 

Concerns remain in the market regarding a supply glut, as well as a weakened global demand.