The US WTI crude oil took a steep slip on Friday, with data showed that production platforms in the US fell for another week. The number of rigs drilling for oil in the U.S. declined to 1,019, the lowest since August 2011. The number of oil rigs has fallen in 16 of the last 19 weeks since reaching an all-time high of 1,609 in October.
On Friday, Nymex oil eased up 1.97%, or $1.02 to trade eventually at $50.81 after data showed that the declining pace in the U.S. production slowed last week, endorsing fears from a glut in supplies.
Crude oil prices climbed up last week reaching 425.6 million barrels, ticking near a 80-year high and signaling that commodity prices will remain low due to global oversupply.
Elsewhere, Brent oil for April delivery lost 45 cents, or 0.75%, to trade at $59.77 a barrel, according to Excon Fuji Securities . Brent prices gained more than 11% in February with traders betting that a bottom had been reached. However, prices are still down almost 47% since June, when futures jumped to $116.
Oil prices in general have dropped sharply amid calls from the Organization of Petroleum Exporting Countries (OPEC) to cut output, with the U.S. pumping at a fast pace for three consecutive decades, creating a glut in global supplies.
