** Oil companies and service providers fall heavily as oilprices drop below $48 per barrel
** Weak Japanese and Chinese economic data fuels concernsover global demand while a rating cut by S&P on Brazil alsotakes bite out of sector
** Oil prices have been dipping on concerns over a surplusof global supplies and lacklustre demand
** Oil support services down 3-5 pct, Tullow Oil down 3.8 pct, BG down 0.4 pct, Royal Dutch Shell falls 1 pct and BP drops 1.1 pct
** Oil services company Petrofac falls 1 pct whileAmec Foster Wheeler sheds 1.2 pct
** Stoxx 600 Oil & Gas index falls 1.3 pct withSeadrill down 5.6 pct and among the heaviest declinersacross major European shares
** Benchmark Brent crude oil futures fell by 0.4percent to $47.42 per barrel at 0724 GMT. (RM: aastha.agnihotri.thomsonreuters.com@reuters.net)