Oil prices fall on rising Middle East output, Asia demand concerns

By Henning Gloystein SINGAPORE (Reuters) - Oil prices fell over 1 percent on Wednesday as production from major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook. Brent crude futures were trading at $49.29 per barrel at 0649 GMT, down 60 cents, or 1.2 percent, from their last settlement. U.S. crude futures were down 51 cents, or 1.04 percent, at $48.59 a barrel.