WTI light sweet crude oil fell 70 cents, or 1.4%, to settle at $50.60/bbl.
The U.S. Energy Information Administration said on Wednesday it expects U.S. crude oil production in 2018 to rise by more than previously expected.
Yesterday the EIA said it expects US crude oil production in 2018 to rise by more than previously expected.
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In general, more thrust is placed on most recent actions by assigning higher weights to it than those assigned to past movements. The sales growth rate helps investors determine how strong the overall growth-orientation is for a stock or portfolio.
Crude prices gained in Asia on Friday with trade data from China supporting rising demand views as the market looks ahead to U.S data.
Brent also rose 2 percent the previous day.
A monthly oil report by the International Energy Agency (IEA) predicted global demand will grow by 1.6m barrels per day (bpd) in 2017 and 1.4m bpd in 2018.
Search for missing Richardson girl enters sixth day
Investigators say 3-year-old Sherin Mathews was last seen by her father around 3 a.m.in Richardson, Texas , according to KXAS. According to the American media, Wesley went back home and did laundry even after he realised that Sherin had disappeared.
The market was still under pressure, though, from a bearish outlook by the International Energy Agency, which lowered its forecast for oil demand for 2018.
High U.S. production is pushing increasing volumes of U.S. crude into world markets, feeding inventories and undermining OPEC's efforts to tighten the market. The rebound in USA oil production this year, reversing an annual decline of around 550,000 b/d recorded in 2016 - the first drop after seven successive years of growth - has been a major factor eroding the impact of the 1.72 million b/d of production cuts pledged by 22 OPEC and non-OPEC producers in a bid to rebalance the market starting January, and now in effect until March 2018. But traders say supplies remain ample and OPEC is widely expected to extend its cuts beyond the current expiry date of end-March 2018.
Figures released by the Energy Information Administration showed US commercial crude inventories fell by 2.8 million barrels to 462.2 million barrels in the week through October 6. The API data is released after market close in the West. Consensus expectations of analysts surveyed by S&P Global Platts earlier in the week had pointed to a draw of about 400,000 barrels.
Rahul searching for 'women' in men's hockey, says RSS
Trying to do that is like to trying to hold a competition between two sides, one playing cricket and the other side, hockey. I have never seen. "So that unnecessarily misleading reports are not published, we chose to set the record straight", Dr.