Investing.com - Oil slumped Friday as President Donald Trump pulled the U.S. out of the Paris climate change deal.
U.S. crude lost $1.35, or 2.79%, to $47.01 at 05:30 ET. Brent shed $1.37, or 2.71%, to $49.26.
Observers fear Trump's decision could spur a further increase in U.S. drilling activity.
That would undermine efforts by major producers to curb their output.
OPEC and non-OPEC producers have agreed to extend output cuts of 1.8 million barrels a day for another nine months.
The EIA Thursday reported a fall in crude inventories of 6.43 million barrels in the latest week.
That outstripped a forecast of a fall of 2.52 million barrels.
Baker Hughes U.S. rig count data are due out later in the session.
Observers also noted rising output by Libya and Nigeria.
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