Oil prices dropped Friday despite an impending output increase in the Middle East may affect the firmer markets this month. It has gained support from weak US dollar and declining US production.
Brent crude futures closed at $47.69 a barrel, while West Texas Intermediate crude futures settled at $45.46 a barrel. Both contracts have retained their respective highs this year.
According to Deutsche Bank, in its note to clients, the production rise by OPEC members could curb price hikes as of late.
The material has been provided by InstaForex Company – www.instaforex.com