REUTERS
Oil prices dropped Friday after the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain current production levels even as crude markets remain mired in a supply glut, PRIME reported with reference to trade data.
As of 7:52 MSK January futures for North Sea Brent blend fell 0.18% to $39.48 per barrel. January futures for Brent WTI were down 0.69% to $36.51 per barrel, according to the report.
OPEC said last Friday that it would continue to closely monitor developments in the coming months, but will not deviate from its current production around 31.5 million barrels a day, the decision attributed to OPEC's fight to snatch market share from rival oil producers, including the United States. OPEC's next meeting is scheduled for June. The OPEC decision clearly roiled the oil markets.
Read alsoOil prices rise on statistics from U.S.The figures are "reinforcing consternation that the global oil market is going to remain oversupplied for a longer time," said Bernard Aw, market strategist at IG Markets in Singapore.
Read alsoOPEC decision to keep output high pulls oil prices close to 2015 lowsThe market is said to be expecting data on the U.S. drilling rig count. The total oil and natural gas rig count fell by 7 units a week earlier, with 737 units in service for the week ending Friday, December 4, according to data from Baker Hughes Incorporated. In annual terms, rig count dropped by 1,183 units, or 61.6%.