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Oil prices fall 3% on signs market still oversupplied

Oil prices fall 3% on signs market still oversupplied

LONDON (July 7): Oil prices fell 3% on Friday after data showed US production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply.

Global benchmark Brent futures were down US$1.43, or 3%, at US$46.68 a barrel at 1116 GMT, after falling to as low as US$46.63, its weakest level in more than a week.

US West Texas Intermediate (WTI) crude futures traded at US$44.14 a barrel, down US$1.38 or 3%. Their session low of US$44.05 was also the lowest in over a week.

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