Oil traded flat on Friday, hovering near a 10-month low in U.S. prices hit earlier this week, and remained on course for its biggest first-half decline in almost two decades as production cuts have failed to reduce oversupply.
Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries to cut production by 1.8 million barrels per day (bpd).
That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp losses.
Thanks to shale drillers, U.S. oil production has risen more than 10 percent in the past year to 9.35 million bpd, close to the level of top exporter Saudi Arabia.
Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries to cut production by 1.8 million barrels per day (bpd).
That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp losses.
Thanks to shale drillers, U.S. oil production has risen more than 10 percent in the past year to 9.35 million bpd, close to the level of top exporter Saudi Arabia.
