Mubasher: Oil prices declined on Friday as Nymex went below the $50 level, as the US dollar rose amid concerns of an oversupply.
Earlier reports showed that Russian president Viladimir Putin has not suggested extending the OPEC output agreement until the end of the year, noting that it remains an option.
Investors are anticipating the possibility of prolonging the production cut agreement between members of the Organization of the Petroleum Exporting Countries (OPEC) and other Non-OPEC major producers after March 2018, in order to limit supplies and maintain the market rebalance.
American data showed an increase in US oil exprts during the week that ended 29 Septembet to 1.984 trillion barrels up from 1.491 million barrels in the week before.
By 1:46 PM (GMT), American crude futures declined by 2.07% to $49.74 per barrel (pb).
Similarly, Brent crude oil also decreased 1.4% to $56.20.
