Mubasher: Oil prices declined in the week ended Friday due to growing fears of reaching a supply glut.

The price for West Texas Intermediate (WTI) futures fell by 1.39% to $48.10 per barrel (pb) down from $48.78 pb in the week before.

Meanwhile, Brent Crude decreased by 1.49% to $50.99 pb compared to $51.76 pb at the previous week’s close.

On 30 November, members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to reduce daily production by 1.2 million barrels to 32.5 million barrels for a period of six months, staring from January 2017.

Last week, US oil rigs increased by 21 rigs to a total of 652 compared to 631 oil rigs in the previous week, reaching its highest level since 9 November 2015, according to a report by Baker Hughes.