Mubasher: Oil prices turned to losses on Friday, amid uncertainty that OPEC's output cut agreement will not be committed to.

By 11:40 am GMT, Brent crude futures fell 0.20% to $50.67 per barrel, while the West Texas Intermediate (WTI) futures lost 0.25% to $47.71 per barrel.

In its monthly bulletin, OPEC reported that oil production has fallen 20,000 bpd to reach 31.73 million bpd.