Economic news

Oil prices down 2% while market still oversupplied

Oil prices fell more than 2% on Friday after data showed that U.S. production rose last week, while OPEC exports peaked a 2017 high that questioned about efforts by producers to curb oversupply.

Brent crude futures fell $1,01, or 2%, at $47.10 per barrel, after falling to $46.63, the weakest level in more than a week.

WTI futures traded at $44.53 per barrel, down 99 cents, or 2.2%. Their low session of $44.05 and it was the lowest level in over a week.



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