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An energy report by the United States indicating an increasing inventory contributed to a drop in oil prices, which dropped to under $47 a barrel.

Forbes reports that warmer winter temperatures also added to the price decline.

"Rob Laughlin, managing director of GNI Man Financial in London, said crucial energy supply numbers were better than expected in the U.S. report.

The Department of Energy reported Wednesday that the nation's inventory of crude oil rose by 3.4 million barrels last week to 292.2 million barrels, about 8 percent above year-ago levels. The U.S. supply of distillate fuel, which includes heating oil, diesel and jet fuel rose by 800,000 barrels to 123.8 million barrels, or 5 percent below year ago levels.

"Cold weather in the States is also getting milder," Laughlin said."

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