The Brent crude oil price slipped towards $54 a barrel on Friday, owing to worries of oversupply, as Kuwait said the Organization of the Petroleum Exporting Countries (OPEC) needs to retain its crude production.
Brent’s May crude oil delivery reduced 30 cents to $54.13 a barrel, and US crude’s April delivery fell 52 cents to $43.44 a barrel, Reuters reported.
Kuwait oil minister Ali Al-Omair said OPEC has to shun oil output cuts.
The southern oil exports of Iraq have climbed in March, as weak weather delaying cargoes in February cleared.
OptionsXpress market analyst Ben Le Brun said: "The US crude inventory numbers have been climbing for the last 10 straight weeks, sitting at their highest levels in 80 years. So that’s a further supply side concern on top of news coming out of Kuwait."
The Organisation for Economic Co-operation and Development head stated that due to low oil prices, low interest rates and a competitive euro currency, Europe is heading towards a faster economic recovery.
Leaders from Europe met in Brussels for further negotiations on Iran. If a deal is worked out, it could result in the easing of sanctions on oil exports from Iran, adding to the global supply glut.