After a long streak of gains, oil prices are back to sliding lower.
Large draws on US oil, in the neighbourhood of 6.3 million barrels, sent prices higher briefly on Thursday. Production numbers were higher, however, which have fuelled worries over an oversupply of the commodity.
The increase in the US matches the second month of export increases by OPEC countries in June. Russia, which has announced it would not support future production cuts by OPEC, is adding to oversupply worries.
These worries have sent prices skidding on Friday.
West Texas Intermediate futures are trading at $US44.26 down 2.83%, while Brent futures are down 2.85%.
This continues a general slide since July 4, when WTI futures hit a high of $US47.23. This was the end of a multi-day rally which brought WTI futures from a low of $US42.19 on June 21.
A new report, released Wednesday, found that the US government provided about $US6 billion annually in financial support to the oil, gas, and coal industries between 2013 and 2015.
Get the latest Oil WTI price here.
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