A slight decline in oil prices
Oil prices fell on Friday, the downward trend following the sharp losses recorded earlier this week, pummeled by signs wide on the continuing fuel supply glut, despite OPEC's efforts to reduce the gap between supply and demand in the market.
The decline in the global London Brent crude 20 cents to $ 47.66 a barrel, down about 12% from its level at the open on May 25 when OPEC agreed with some independent producers to extend the cut production by about 1.8 million barrels per day until the end of March 2018. However, the global markets are oil is still saturated.
Said Tamas Varga, an analyst at Ba.vi.am Oil Associates brokerage in London, "the challenge facing OPEC greater than any expected a few weeks ago."
US data showed a sudden increase in commercial crude oil inventories of 3.3 million barrels to 513.2 million.
And it increased stocks of refined products also despite the beginning of the summer season when consumption rises to the peak.