Oil prices drop amid oversupply concern

 Oil prices drop amid oversupply concern

Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories.

Brent crude was at $51.62 a barrel at 0652 GMT, down 28 cents (0.54%) from its last close. That was the lowest since Aug. 1.

U.S. West Texas Intermediate (WTI) crude was down 32 cents (0.66%) at $48.27 per barrel, reaching the lowest since July 26, Reuters reported.

In July, OPEC’s oil production increased by 172,600 barrels per day on the month to 32.869 million barrels per day due to a rise in Libya, Nigeria and Saudi Arabia’s output, the organization said in the report.

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