Oil falls to $47 on profit-taking

SINGAPORE (Reuters) - U.S. crude prices fell by more than $1 a barrel on Tuesday on profit-taking, after surging 5 percent overnight on fears that Israel's deepening incursion into Gaza and a spat between Russia and Ukraine over gas prices could spark severe supply disruptions. By 0800 GMT, U.S. crude oil futures for February delivery were down $1.04 a barrel at $47.77.

(Reporting by Jennifer Tan; Editing by Kim Coghill)