A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq.
Essam Al-Sudani | Reuters
A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq.
Oil prices tumbled lower on Friday but were still set for their first weekly gain in three weeks after Russia and Saudi Arabia agreed to work together to help rebalance the markets and after a surprisingly large drawdown in U.S. crude stocks.
Brent and West Texas Intermediate crude futures were on course to gain about 4 percent this week following two consecutive weeks of declines.
Oil rises off supply data Oil rises off supply data
Thursday, 8 Sep 2016 | 12:52 PM ET | 01:37
The Brent crude benchmark for November delivery was down $1.97 at $48.02 a barrel as of 2:38 p.m. ET after rising above $50 for the first time in two weeks on Thursday.
NYMEX crude for October delivery was down $1.73 at $45.89, with both contracts pressured by a stronger dollar index amid concerns over the health of the EU economy.
The U.S. oil drillers added seven rigs for the week, marking the 10th week of increase in 11, according to Baker Hughes.
The International Energy Agency has said it expects oil demand to finally exceed supply in the third quarter of 2016, meaning record global crude stockpiles should start falling.