Oil fell for a second day Friday, dropping below $95 a barrel as rising supplies countered signs of economic growth and OPEC boosted production, Bloomberg News reported.
Crude futures fell almost $2 to $94.65 a barrel on the New York Mercantile Exchange in early trading after finishing above $96 in three of four days earlier this week, Bloomberg said.
Total U.S. crude inventories rose by 230,000 barrels last week to 395.5 million barrels, the highest level since weekly data started being collected in 1982, the Department of Energy reported.
OPEC, meanwhile, boosted crude output in April to the highest level in five months as Saudi Arabia increased production, helping to lower global oil prices over concern that global economic growth was slowing, Bloomberg said.
The group increased production to 30.46 million barrels per day from 30.18 million bbd in March, the highest level since November, the cartel said in its monthly oil market report.
This week’s prices were the highest in five weeks, according to Bloomberg Nymex figures. Oil has not finished a trading day over $97 a barrel since early April.
