Oil prices went down on Friday amid rising supplies from countries including Russia and Saudi Arabia.
Russia and key OPEC (Organization of the Petroleum Exporting Countries) members such as Saudi Arabia and Kuwait have all increased production lately, trying to help compensate for a potential decline in Iranian crude supplies if planned U.S. sanctions take effect later this year.
Official data from Russia on Thursday showed that the country's oil output rose by 150,000 barrels per day (bpd) in July from June to 11.21 million bpd.
Saudi Arabia has also recently raised their crude output to around 11 million bpd, according to Reuters.
The West Texas Intermediate (WTI) for September delivery lost 0.47 U.S. dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.
Sources:cctvplus
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