OPEC Supplies Reported to Rise in July, Crude Oil Futures Turn Lower

Crude oil futures prices reversed lower on Friday, looking set to set a loss on the week after a tanker-tracking firm reported supply from OPEC is rising.

West Texas Intermediate crude futures prices for September delivery dropped more than 2 percent to trade around $45.82 per barrel in the last trading session of the week. According to data released by PetroLogistics, OPEC’s July oil supply might rise by 145,000 barrels per day (bpd) compared to June.

With higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria, the increase in crude oil may push production above 33 million barrels per day.

The Baker Hughes is scheduled to release its weekly data on U.S. oil rigs later in the day, which is expected to provide fresh hints on the outlook for U.S. crude production.

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