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U.S. crude prices move lower on fresh over-supply worries

11/08/17 - Investing.com -

Investing.com - U.S. oil moved lower on Friday, as fresh concerns over rising supplies surfaced following the release of the Organization of the Petroleum Exporting Countries? monthly report on Thursday.

U.S. crude futures for September delivery were down 0.76% at $48.20 a barrel, the lowest since July 26.

On the ICE Futures Exchange in London, the October Brent declined 0.67% to $51.58 a barrel, the lowest since August 2.

Oil prices dropped after OPEC reported another rise in production in July, as exempt producers – Nigeria and Libya – and top exporter Saudi Arabia increased output.

This Opec report stoked fears that Opec and its allies? may not be able to stem the glut in supplies by only curbing production, offsetting optimism from the prior session, when crude prices snapped a two-day losing streak, following bullish U.S. inventory data.

The cartel also raised its outlook for oil demand this year by 100,000 barrels a day, saying it now expects growth of 1.37 million barrels a day in 2017.

The news came a few days after OPEC members met in Abu-Dhabi to address concerns of falling compliance. The outcome of the meeting, however, failed to lift sentiment as the group offered little in the way of tangible solutions to increase compliance.

The meeting ?proved fruitful and ?will help facilitate full conformity with the Declaration of Cooperation, which participating countries remain steadfast in their commitment to fulfil.? Opec noted in a statement on its website.

Meanwhile, market participants also continued to monitor exchanges between North Korea and the U.S., as tensions seemed to escalate.

U.S. President Donald Trump warned the peninsula on Thursday against attacking Guam or U.S. allies and said his first threat to unleash "fire and fury" may have not been tough enough.

North Korea's state media had earlier said that Pyongyang has the capacity develop a plan by mid-August to launch intermediate-range missiles at the U.S. territory of Guam.

In an attempt to dial down the aggressive rhetoric, US Defense Secretary James Mattis said war would be "catastrophic" and that diplomacy was gaining results.

Elsewhere on Nymex, gasoline futures for September were up 0.08% at $1.597 a gallon, while September heating oil dropped 0.56% to $1.622 a gallon.

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