Investing.com – Oil was lower Friday as oversupply concerns prevailed ahead of the latest U.S. rig count data.
U.S. crude was down 15 cents, or 0.32%, at $47.18 at 06:45 ET, while Brent crude fell 0.52% to $49.41.
Hopes of an agreement to curb output levels by major producers have faded.
Saudi Arabian Energy Minister Khalid Al-Falih said late Thursday he sees no need for significant intervention in the market.
Baker Hughes U.S. rig count data for the latest week are due out later Friday.
The number of rigs operating in the U.S. has risen for eight weeks in a row and currently stands at 406.
The dollar edged lower ahead of a key speech by Federal Reserve chair Janet Yellen.
A weaker dollar underpins demand for oil.