Mubasher: Oil prices retreated during Friday's early trades amid fears of an increase in supply.
Late Thursday, the Energy Information Administration (EIA) said that it expects the US to become a "net exporter of energy" within 10 years. It added that the US's total energy production was likely to increase by more than 20% by 2040.
By 0815 GMT, Brent crude shed 0.25% to $56.4 per barrel, while US crude futures were down 0.14% to $53.62 pb.
The EIA forecasted that the US would continue to import oil through 2050, but at much lower levels than in the past. The US was likely to become a net exporter of energy through natural gas, which has domestically risen by nearly 30% over the past 10 years.
The rise in natural gas was mainly due to the rise in technologies such as hydraulic fracturing, which have opened up new fields to drilling.
