Oil prices gave up gains on Friday, following a report of Piling OPEC supply. The fresh figures from OPEC indicating supply rose by 145,000 barrels per day (BPD) compared to June, Resulted in Oil prices tumbled to 2.5% on Friday and settled at 45.62$ .
Higher supply form OPEC nations whipped out this week’s gains. Report from Baker Hughes is also negative for bulls as the rigs count fell by 1 rig to 764. Earlier this week the crude prices were propped out following the report, which said Saudi will cut its exports by 1 million barrels a day and the US Inventory shown higher then expected drop in stockpiles. But the rally wiped out in the absence of firm commitment from Saudis and Rise in OPEC supply.
A highly-anticipated meeting of OPEC on Monday will set the road for Oil prices. As the per the Analysts the committee will likely to stick with maintaining the policy of holding back output at current levels, but efforts will be made to bring Nigeria and Libya into the framework because of the recent unexpected return of their production .However OPEC has lots of cracks the production cut seems to be blurred this time.