Oil prices dipped on Friday

International benchmarks for oil prices moved lower on Friday (13 May) as stronger US dollar after a better than expected US retail sales report encouraged investors to take profit before the weekend. Although, on Friday, OPEC official commented that continuous declining output at non-OPEC countries might have eased the oversupply condition; many analysts believed that the recent production disruption in Canada and Nigeria are very much of temporary, and that some oil rigs have already started to ramp up rate. This is believed to be the main driver behind Friday’s sell off. Besides, oilrigs count in the US fell another ten last week, according to Baker Hughes Inc.

WTI closed at $46.21/barrel (-$0.49) June delivery

Brent closed at $47.83/barrel (-$0.25) July delivery