Oil prices fell to roughly two-week lows on Friday as news of rising Iranian exports and returning supplies from Libya and Nigeria fueled concerns that the global glut will persist.
Benchmark Brent crude futures fell below the $46-a-barrel mark, trading down 1.7% at $45.79 a barrel, down 80 cents. US West Texas Intermediate futures were down 73 cents, or 1.7%, at $43.18 a barrel, a two-week low, Reuters reported.
Both contracts have fallen 9%-10% in one week, underlining how volatile the oil market currently is.
"We've seen a lot of bearish news this week: Libya, Nigeria, skeptical monthly reports from the IEA and OPEC and large stock building in the US, so weak fundamentals are weighing on the market," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
Iran is nearing its pre-sanctions crude oil export levels, according to a source familiar with the country's tanker loading schedules. There are also signs of a return of output from Nigeria and Libya, two countries whose crude exports have been hampered by conflict and unrest.
Libya has lifted force majeure at some of its main ports and is resuming oil exports, the country's National Oil Corporation said on Thursday.
Last week's data showed US drillers had added seven oil rigs in the week to Sept. 9, bringing the rig count to 414, the most since February.
