Oil prices fell in Asian trade on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cut-back in production, although a fall in the U.S. dollar put a floor under prices.
Brent is heading for its fifth weekly fall after prices shed gains early in the session and reversed into negative territory.
Suggesting there would be no reduction in oil output among member states, Abdullah al-Badri, secretary-general of the Organisation of the Petroleum Exporting Countries, said on Thursday that rising demand would prevent a further fall in oil prices.
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Brent is heading for its fifth weekly fall after prices shed gains early in the session and reversed into negative territory.
Suggesting there would be no reduction in oil output among member states, Abdullah al-Badri, secretary-general of the Organisation of the Petroleum Exporting Countries, said on Thursday that rising demand would prevent a further fall in oil prices.
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