Global crude oil prices eased, on Friday, as the focus returned to oversupply, after production from Nigeria and Canada revived, and OPEC production reaching a record high in June. Brent crude oil futures were down 30 cents, at 49.41 dollars a barrel. U.S. crude fell 25 cents, to 48.08 dollars a barrel. But oil was on track for its first weekly gain in three weeks, after a bullish run this week following Britain's vote in favor of leaving the European Union.Stronger supply from major West Asian producers, except Iraq, underlined their focus on maintaining market share. Despite growing signs of lingering oversupply, U.S. Energy Secretary Ernest Moniz today said he expected oil supply and demand to balance by 2017.
News On AIR | July 1, 2016 8:28 PM
Oil falls as oversupply concerns return to center stage