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Oil prices fell more than 2 percent on Friday, wiping out the week's gains after a tanker-tracking firm reported supply from OPEC is rising.
OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts. The increase in oil supply would push production above 33 million barrels per day.
U.S. West Texas Intermediate futures erased earlier gains following the PetroLogistics report. They were down 97 cents, or 2.1 percent, at $45.95 per barrel by 1:10 p.m. ET (1710 GMT). Brent crude fell 97 cents, or 2 percent, at $48.33 a barrel.
Oil traders are looking ahead to Monday's meeting of several ministers from OPEC and non-OPEC members in Russia to see if it would address rising production from Nigeria and Libya, which have been exempted from the cuts.
OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts. The increase in oil supply would push production above 33 million barrels per day.
U.S. West Texas Intermediate futures erased earlier gains following the PetroLogistics report. They were down 97 cents, or 2.1 percent, at $45.95 per barrel by 1:10 p.m. ET (1710 GMT). Brent crude fell 97 cents, or 2 percent, at $48.33 a barrel.
Oil traders are looking ahead to Monday's meeting of several ministers from OPEC and non-OPEC members in Russia to see if it would address rising production from Nigeria and Libya, which have been exempted from the cuts.
