LONDON (Reuters) - Oil prices closed lower on Saturday amid doubts that producers could cut output, with concern over the number of drilling platforms in the United States, affecting OPEC producers' efforts to rebalance the oil market.
Brent crude for September delivery closed down $ 1.42, or 2.88 percent, to $ 47.88. US crude futures for September delivery fell $ 1.30, or 2.77 percent, to $ 45.62.
Despite gains this week, oil has fallen more than 10 percent since the start of the year, as doubts about producers' ability to cut global supply raised investor fears and prompted them to sell black gold.
A ministerial committee representing the Organization of the Petroleum Exporting Countries (OPEC) and non-members of the Organization of the Petroleum Exporting Countries (OPEC) is expected to meet next Monday to discuss the extent to which they have agreed to cut output.
The Organization of Petroleum Exporting Countries (OPEC) has approved an agreement, in cooperation with several of the largest oil producers from outside the Organization, led by Russia, which is currently the largest oil producer in the world, in November last year, aimed at reducing production by 1.8 million barrels per day for the first six months of this year, and ended on June 30, but this agreement has failed to affect so far on global stock levels.
There is still concern that the continued recovery of oil shale oil production in the United States is hampering efforts by major producers aimed at rebalancing the markets. Concerns about rising US production have confirmed that the number of drilling platforms in the United States continues to rise in recent months, reaching a level not seen in more than two years.