Oil slips as data points to fast-growing supply

According to the EIA, a slight tightening in production during quarter three of this year is forecast to lead to 32.5 million barrels per day by the end of the first quarter of 2018.

Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices.

"There continues to be concerns about oversupply in 2018", Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by telephone.

Oil prices plunged almost 4% on Wednesday after the U.S. Energy Information Administration said that crude oil inventories fell by 1.7 million barrels in the week ended June 9, disappointing expectations for a decline of around 2.8 million barrels.

7 arrested in Iran accused of supporting Tehran attacks
But on Friday, he turned his wrath over the attacks on the United States and Saudi Arabia , Iran's fiercest rivals. A separate funeral procession was held for the victims after the Friday prayers in the heart of the capital.

July WTI oil dropped $1.73, or 3.7%, to settle at $44.73/bbl, the lowest since November.

"Persistent weakness in gasoline demand has taken center stage among market participants as this could result in further builds in USA crude stockpiles", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London. Yet crude prices have slid about 12 percent since that day as other countries have boosted output.

Right on cue, USA crude oil inventories fell last week, but the decline was less than expected, according to the weekly inventories report from the Energy Information Administration.

The International Energy Agency is forecasting US output to grow by 620,000 bpd in 2017, compared with a prediction that production would be flat in its November assessment.

Cherchesov claims Putin's speech motivated Russia
Coach Anthony Hudson said the All Whites had targeted a better result, and were "slightly deflated" to come away with a loss. It helped the Russian team to seize the lead after twice having shots stopped on the line.

However, prices for both benchmarks are still way down from the prices seen ahead of Opec's decision on 25 May to extend its deal to cut production until March 2018 - Brent traded around $54 per barrel while WTI was priced at $51 per barrel in the days before the meeting. However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017.

The Energy Information Administration (EIA) forecasts that American output will surpass 10 million bpd next year.

The International Energy Agency says it expects oil supplies next year to outpace demand, despite consumption hitting 100-million barrels per day for the first time.

The rise in USA production has surprised most analysts.

London fire: Government staff drafted to help victims
One of them told reporters they spoken to the Prime Minister for two and a half hours about their demands and what they expected. It tore through all floors of the building and took more than 200 firefighters and 24 hours to bring it under control.

USA energy companies added oil rigs for a record 22nd week in a row, energy services company Baker Hughes said on Friday.

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