Oil prices continued their downward trend on Friday following sharp losses earlier this week, influenced by widespread evidence of continued fuel supply glut despite OPEC efforts to narrow the gap between supply and demand in the market.
By 2020 GMT, global benchmark crude fell 20 cents to $ 47.66 a barrel, down about 12 percent from its opening level on May 25, when OPEC agreed with some independent producers to extend production cuts by 1.8 million bpd End of March 2018.
But global markets are still full of oil.
"The challenge for OPEC is bigger than anyone expected a few weeks ago," said Tamas Farga, an analyst at London-based brokerage BPM Oil.
US data this week showed a surprise rise in crude oil inventories of 3.3 million barrels to 513.2 million.
Inventories of refined products also increased despite the start of the peak summer season.