10:13 - 22/07/2017
Oil prices fell about 2.5 percent in a trading deal after a report by a consulting firm predicted OPEC output would rise in July despite a pledge by the cartel to curb output, renewing market fears that crude supplies will continue to be overshadowed.
Global Brent crude futures were trading at $ 1.24, or 2.52 percent, at $ 48.06 a barrel, while West Texas Intermediate crude futures were down $ 1.15, or 2.45 percent, to $ 45.77 a barrel.
The crude posted weekly losses of more than 1.6 percent after Petro-Logistics, which monitors OPEC's supply forecast, said OPEC production of crude would increase 145,000 barrels per day this month to more than 33 million bpd.
Baker Hughes Energy Services said on Friday that US companies cut the number of oil drilling platforms by one excavator in the week ending July 21. Ending / 25