Oil prices fell on Friday after a sharp drop earlier this week, caused by evidence pressure of the continued oversupply, despite the OPEC efforts.
Brent crude traded at $47.75 a barrel, down 11 cents after closing the previous day. It puts Brent about 12% below the opening level since May 25 this year, when OPEC members decided to extend commitments for reducing oil production in 2018.
WTI traded at $45.54, down 10 cents after closing the night before and approximately 11% lower since May 25.