Investing.com - U.S. oil futures fell to fresh two-and-a-half week lows on Friday, as rising exports in Iran, Libya and Nigeria sparked fresh supply glut concerns.
U.S. crude futures for October delivery were down 1.62% at $43.22 a barrel, the lowest since September 2.
On the ICE Futures Exchange in London, the November Brent contract tumbled 1.65% to $45.80 a barrel, close to Thursday’s two-and-a-half week trough of 45.67.
Oil prices came under pressure after data showed that Iran's August crude oil exports jumped 15% from July to a five-year high of more than 2 million barrels per day, re-approaching Tehran's pre-sanctions shipment levels.
In addition, Libya said it is resuming oil exports from some of its main ports and has lifted related "force majeure" contractual clauses.
Separately, ExxonMobil (NYSE:XOM) reportedly has a pipeline prepared to export Nigeria's Qua Iboe crude oil, with the first cargo expected to load as early as the end of September.
Meanwhile, market participants were looking ahead to upcoming reports on U.S. consumer price inflation and consumer sentiment, due later in the day after weak U.S. data on Thursday crushed expectation for an upcoming rate hike by the Federal Reserve.
The Commerce Department reported on Thursday that U.S. retail sales fell 0.3% in August, worse than expectations for a 0.1% decline. It was the first decline in five months.
In a separate report, the Department of Labor said initial jobless claims rose less than expected last week, pointing to further tightening in the labor market. But the Labor Department also reported that U.S. producer prices were flat in August.