Oil prices are expected to register a weekly drop in the wake of concerns about soaring supply from certain non-organisation of the Petroleum Exporting Countries (OPEC) markets, including the US.

The news comes even as both futures rose marginally on Friday.

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West Texas Intermediate (WTI) oil futures for April delivery jumped five cents, or 0.1%, trading at $61.24 a barrel, according to Reuters.

Brent crude futures trading in London increased by six cents to $65.18.

WTI will have a weekly dip of 1.3% this week, while Brent is set to fall by 0.5% for the week.

Rising supply is projected to outweigh the expected improvement in demand for crude oil for this year.

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“The fact that the inventories rose despite intensifying output curbs led by OPEC shows how much non-OPEC supply has risen.”

Based on a report released the International Energy Agency (IEA), global oil supply in February grew 700,000 barrels per day to 97.9 million barrels per day when compared to the same period last year.

The same report also pointed to a potential increase in supply from producers other than the (OPEC) by 1.8 million barrels per day this year.

The estimated hike in supply is set to take away the sheen from the agency’s projection that demand for this year will have a rise of 1.5 million barrels per day.

Mitsubishi UFJ Research and Consulting senior economist Tomomichi Akuta was quoted by the news agency as saying: “The fact that the inventories rose despite intensifying output curbs led by OPEC shows how much non-OPEC supply has risen.”

Meanwhile, data from the US Government indicated that crude stockpiles increased for the third week in a row, rising by five million barrels.

Since January last year, the OPEC and Russia have been engaged in output cuts to stabilise prices and address the issue of excess global oil supplies.