Mubasher: Oil prices dropped more than 1% on Friday amid investors’ concerns over higher oil production in the US, and despite lower crude inventories.

By 08:35 am GMT, Brent crude futures fell by 1.07% to $68.57 per barrel (pb), while Nymex crude retreated 1.16% to $63.21 pb.

If losses continued, oil prices could register their biggest drop since early October.

These sharp declines came after the US Energy Information Administration (EIA) reported a rise of 258,000 barrels a day in total crude production to 9.75 million barrels a day for the week ended 12 January.

Most analysts expect US oil output to hit 10 million barrel a day soon, according to Reuters.