Oil rig count rise in the U.S. and OPEC refusal to trim production left the price of Brent crude oil to lose 3 percent on from Thursday to Friday.
The number of oil rigs in the U.S. increased by 5 to reach 664 for the week ending July 31, creating a market expectation of oil production to rise in near future.
This was also the second week in a row that oil rig count has risen in the country. For the week ending July 24, the oil rig count in the country rose by 21 to 659.
With crude stocks at 459.7 million barrels and production at 9.4 million barrels a day, U.S. oil output continues to pressure prices downward.
In addition, OPEC's refusal to trim production quota has intensified the downward trend in prices. On Thursday, OPEC turned down Russia, which wishes the oil cartel cut its output level for prices to recover.
Oil prices fell around 55 percent in the last 12 months due to low global demand and glut of supply.
OPEC refused to trim output in two of its biannual meetings, and stays firm to maintain producing 30 million barrels a day, although its current output has climbed up to 32 million barrels per day recently.
The price of global benchmark Brent crude oil decreased around 3 percent in last two days, falling to as low as $51.63 per barrel Friday from $53.31 on Thursday.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr