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Oil prices on Friday (19 Feb) moved lower as market brought back their attention on the oversupply condition and hope for production cut among major producers faded. Number of oil-rig count in the U.S continues to go down by 26 to 413 in the report presented last week, however, U.S oil production remain resilient at about 9.1 million barrel a day. Industry experts believed that falling in the number of oil-rig might not relieve the market from the global excess supply in the near term, but promising a bright outlook in the medium term.

WTI closed at   $29.64 (-$1.13)
Brent closed at $33.01 (-$1.27)

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