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Direct: Oil prices fell on Friday as they headed for weekly losses before the announcement of crude oil inventories and amid concerns over oversupply.
In a report released by the Organization of the OPEC, Yesterday announced that compliance of countries participating in the agreement to reduce oil production had reached 111% last September.
OPEC signed an agreement in June that would reduce the compliance rate with a 100% cut in July output to 152% in May.
The agreement to reduce compliance has been passed on to prices, with Brent crude having reached its highest level in three years.
At 6:25 am GMT, Brent crude for December delivery lost 0.8% to $ 76.28 per barrel.
The Nymex US crude futures price for December delivery fell $ 66.61 per barrel, down 1.1%.
On the other hand, sanctions could be imposed by the United States against Iran a week later, which should reduce Tehran's supply and drive up prices.
Baker Hughes is expected to announce data on crude oil platforms in the United States during the week ending today.
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