Mubasher: Oil prices saw a “steep” decline in Friday’s trading session, with NYMEX crude oil futures falling below $50 per barrel (pb).

 Brent crude futures fell 2% to reach $51.95 pb by 4:35am UAE time.

 NYMEX crude oil futures retreated 2.1% to reach $48.62 pb.

Oil prices are weighed by investors’ continued concerns about growing U.S. crude production which may rise to its highest level since August 2015, in addition to the possibility that the OPEC may not extend its oil output cut deal.