** Oil companies and service providers fall heavily as oil prices drop below $ 48 per barrel
** Weak Japanese and Chinese economic data fuels concerns over global demand while a rating cut by S&P on Brazil also takes bite out of sector
** Oil prices have been dipping on concerns over a surplus of global supplies and lacklustre demand
** Oil support services down 3-5 pct, Tullow Oil (LSE: TLW.L – news) down 3.8 pct, BG down 0.4 pct, Royal Dutch Shell (Xetra: R6C1.DE – news) falls 1 pct and BP drops 1.1 pct
** Oil services company Petrofac (Amsterdam: PF6.AS – news) falls 1 pct while Amec Foster Wheeler (Other OTC: AMCBF – news) sheds 1.2 pct
** Stoxx 600 Oil & Gas index falls 1.3 pct with Seadrill (Hamburg: 2171269.HM – news) down 5.6 pct and among the heaviest decliners across major European shares
** Benchmark Brent crude oil futures fell by 0.4 percent to $ 47.42 per barrel at 0724 GMT. (RM (LSE: RM.L – news) : [email protected])
