Oil prices were down on Friday due to the decision of the Organization of Petroleum Exporting Countries' (OPEC) to postpone further oil production cuts until its next ministerial meeting on Dec. 5 and 6 in Austria.
The international benchmark Brent crude was trading at $60.26 per barrel at 1157 GMT on Friday while American benchmark West Texas Intermediate (WTI) cost $55.05 at the same time.
On Monday, Brent crude was trading at $62.20 per barrel at 0624 GMT while WTI registered at $57.20 a barrel.
At a technical meeting in Abu Dhabi on Thursday, the 14-nation members of OPEC, spearheaded by Saudi Arabia, and a group of 10 allied producing countries led by Russia, postponed taking a decision on any further production cuts until December 2019.
According to data from the International Energy Agency (IEA) on Thursday, OPEC production increased by 50 thousand barrels per day (b/d) to 29.74 million barrels per day (mb/d), based on a drop in compliance with the OPEC+ agreement, which fell to 116% in August from 130% in July.
Non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.70 mb/d on a monthly basis, to average 69.50 mb/d, equivalent to 1.48 mb/d annual rise.
Additionally, global oil supply rose by 530 thousand b/d to 100.75 mb/d, according to the IEA.
By Gulsen Cagatay