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Brent crude futures <LCOc1> have made the biggest losses across
global asset classes this quarter. In March, the contracts
posted the biggest monthly losses since July as growing U.S.
crude inventories and drilling activity counterbalanced
production cuts elsewhere in the world.
Brent futures were down 53 cents at $52.43 a barrel at 1023 GMT
. The contracts have lost around 7 percent since the previous
quarter, the worst quarterly losses since late 2015.
U.S. crude futures <CLc1> were down 36 cents at $49.99 a barrel,
slipping back below $50. They too are on track to end the
quarter around 7 percent lower, also the worst quarterly losses
since late 2015.
The dollar <.DXY> was on track to mark its strongest week in
seven, weighing on greenback-denominated commodities such as
oil.
"I wouldn't be surprised to see some profit-taking ahead of the
weekend after the strong gains in recent days," said Carsten
Fritsch, commodity analyst at Commerzbank.
"The expected rise in the U.S. rig count later today provides
some arguments to sell at last."
Later on Friday, energy services firm Baker Hughes will publish
weekly U.S. oil rig figures. The indicator has shown huge gains,
with the rig count doubling in a 10-month recovery and
undermining efforts led by the Organization of the Petroleum
Exporting Countries to rein in output.
Oil prices had gained momentum this week on a growing sense that
OPEC and non-member Russia would extend their production cut,
seeking to drive the market higher.
OPEC and non-OPEC producers including Russia agreed late last
year to cut output by almost 1.8 million barrels per day in the
first half of 2017 to rein in a global supply overhang and prop
up prices.
Nevertheless, analysts polled on a monthly basis by Reuters have
slightly lowered their oil price expectations for this year.
(Additional reporting by Henning Gloystein in Singapore; Editing
by Elaine Hardcastle and Dale Hudson)
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