World oil prices are down Movement.down.loss 40 percent since June , largely on abundant supply Oversupply .

U.S. West Texas Intermediate crude settled down Movement.down.loss 6 cents , or 0.9 % , at $ 52.75 per barrel , after earlier reaching $ 54.05 , its highest Position.high since Thursday .

Forecasts for a surplus of supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 13 % January , despite geopolitical war Geopolitical.tension in Russia , United States and Ukraine .

The IMF earlier said it trimmed Cause.movement.down.loss its 2013 world economic growth forecast to 3.3 % , down Movement.down.loss from a January projection of 3.5 % , while the multilateral lending institution 's 2014 growth forecast fell Movement.down.loss to 4.0 % from 4.1 % .

In Friday 's trade , New York-traded West Texas Intermediate , the benchmark for U.S. crude futures , settled down Movement.down.loss 48 cents , or 1.1 % , at 42.34 per barrel .

But as rising Movement.up.gain supplies of North American crude and tepid Slow.weak demand have pushed prices down Movement.down.loss to lower than $ 100 a barrel , the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies .

Gasoline inventories sank Movement.down.loss by 2.2 million barrels last week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 1.63 m barrel , deeper than the 1.9-million-barrel slide Movement.down.loss expected .

The numbers , which are the lowest Position.low since May , are also down Movement.down.loss from July export figures of 389,000 bpd .

Gasoline stocks crashed Movement.down.loss by about 300,000 barrels the week to Aug. 8 , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 2.4 m barrels , deeper than the 1.63 m barrel dip Movement.down.loss expected .

Weak Slow.weak economic growth combined with ample supply Oversupply has pushed oil prices down Movement.down.loss from a high Position.high for the year above $ 115 hit in June , complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers .

Brent Oil Futures for June delivery , traded in London , were down Movement.down.loss 0.08 % at $ 74 per barrel .

On the New York Mercantile Exchange , U.S. crude oil for delivery in December traded at $ 80.43 a barrel during European early afternoon trade , down Movement.down.loss $ 0.69 or 0.86 % .

NEW YORK -LRB- Reuters -RRB- - U.S. crude oil exports reached as high Position.high as 349,000 barrels per day in September , down Movement.down.loss some 40,000 bpd from the prior month , according to data from the U.S. Census Bureau released Tuesday .

The kingdom and OPEC finally agreed to reclaim market share , driving prices down Movement.down.loss to $ 10 a barrel but reestablishing themselves in the market .

`` From an economics point of view , it 's much better to let prices go way down Movement.down.loss , '' according to Philip K. Verleger , president of consultancy PKVerleger LLC and a former advisor to President Carter .

Both markers were down Movement.down.loss around 50 cents from before the jobless claims release .

Forecasts for a supply glut Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 3.3 percent last week , despite geopolitical tension Geopolitical.tension in Iraq , Libya and Ukraine .

`` We expect Russian crude throughputs to remain elevated Grow.strong in 2015 , only slightly down Movement.down.loss from the post-Soviet highs posted in 2014 , and oil product exports to remain robust Grow.strong , '' Heitham Tolba , of Wood Mackenzie said .

Gasoline RBOB futures were down Movement.down.loss 2.5 % at $ 1.2588 a gallon .

The IMF earlier said it reduced Cause.movement.down.loss its 2018 global economic growth forecast to 3.30 % , down Movement.down.loss from a July forecast of 4.10 % , while the multilateral lending institution 's August growth forecast dropped Movement.down.loss to little more than 20 percent from 4.10 % .

Saudi Arabia is not trying to push oil prices down Movement.down.loss , an oil source said , but is prepared to let the market find its floor and tolerate lower prices until others in OPEC commit to action .

U.S. President Donald Trump , who has urged the kingdom to ramp up Cause.movement.up.gain production and bring down Movement.down.loss oil prices , could apply more pressure to open the taps .

U.S. inventory data also pushed down Movement.down.loss prices .

September Brent crude was down Movement.down.loss $ 1.46 at $ 103.22 per barrel at 1:32 p.m. , after falling Movement.down.loss to $ 102.65 , the lowest Position.low price since July 1 , 2013 .

`` From an economics point of view , it 's much better to let futures go way down Movement.down.loss , '' according to Philip K. Verleger , president of consultancy PKVerleger LLC and a former advisor to President Carter .

In a monthly report on Friday , the Organization of the Petroleum Exporting Countries trimmed Cause.movement.down.loss its projection for demand growth in global oil this year to 1.10 million barrels per day -LRB- bpd -RRB- , down Movement.down.loss 30,000 bpd .

Forecasts for a supply surplus Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 5 percent last month , despite geopolitical war Geopolitical.tension in Russia , Saudi Arabia and Ukraine .

By 9:15 AM ET -LRB- 1315 GMT -RRB- , U.S. crude oil futures were down Movement.down.loss 2.2 % at $ 42.16 a barrel , while the global benchmark Brent was down Movement.down.loss 0.9 % at $ 44.51 a barrel .

By 9:15 AM ET -LRB- 1315 GMT -RRB- , U.S. crude oil futures were down Movement.down.loss 2.2 % at $ 42.16 a barrel , while the global benchmark Brent was down Movement.down.loss 0.9 % at $ 44.51 a barrel .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have affected Cause.movement.down.loss exports by close to 1 million bpd . ''

`` Front month prices are down Movement.down.loss around 20 % since the start of the outbreak , with Brazilian , West African and Russian crudes - all popular with independent -LRB- Chinese -RRB- refiners in Shandong - under pressure , '' said Roger Diwan , vice president of financial services at IHS Markit , in a note .

OPEC also trimmed Cause.movement.down.loss forecast global demand for its crude oil in 2014 to 29.61 million bpd , down Movement.down.loss 70,000 bpd from the previous estimate , citing the lower Movement.down.loss demand forecast and a higher Movement.up.gain expectation of non-OPEC supply .

Both benchmarks are down Movement.down.loss more than 20 % from highs Position.high reached in January .

Investing.com -- Crude oil futures were down Movement.down.loss for a fifth day on Thursday , trading close to a five-week low Position.low as concerns Negative_sentiment that the U.S. economic recovery Grow.strong was faltering weighed on future demand expectations from the world 's largest oil consumer .

U.S. crude was down Movement.down.loss $ 1.36 , or 2.5 % , at $ 53.73 a barrel by 08:22 AM ET -LRB- 12:22 GMT -RRB- , while international benchmark Brent was down Movement.down.loss 97 cents at $ 57.66 a barrel .

U.S. crude was down Movement.down.loss $ 1.36 , or 2.5 % , at $ 53.73 a barrel by 08:22 AM ET -LRB- 12:22 GMT -RRB- , while international benchmark Brent was down Movement.down.loss 97 cents at $ 57.66 a barrel .

It expects demand to rise Movement.up.gain by 1.05 million bpd , down Movement.down.loss 50,000 bpd from last month .

Front-month Brent crude futures were down Movement.down.loss around 1 % on Tuesday after the Institute for Supply Management 's gauge of U.S. manufacturing activity fell Movement.down.loss in May to the weakest level Position.low in more than 2-1/2 years .

The IMF earlier said it reduced Cause.movement.down.loss its 2013 global economic growth forecast to 3.30 % , down Movement.down.loss from a January projection of 4.10 % , while the multilateral lending institution 's Wednesday growth forecast slipped Movement.down.loss to 15 percent from 4.10 % .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have slashed Cause.movement.down.loss exports by close to 1 million bpd . ''

Gasoline stocks declined Movement.down.loss by 2.2 million barrels in the week ending February 16 , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 1.63 m barrel , deeper than the 1.63 m barrel decline Movement.down.loss expected .

Investing.com - Oil prices dipped Movement.down.loss on Monday morning in Asia , pulled down Movement.down.loss by a rising Movement.up.gain U.S. rig count which indicated further increases Movement.up.gain in the country 's crude output .

U.K. Brent oil settled down Movement.down.loss 2 cents at $ 58.35 .

The `` call '' on OPEC crude is now forecast at 30.7 million bpd in 2019 , down Movement.down.loss from the IEA 's last output estimate of 31.6 million bpd in January .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have reduced Cause.movement.down.loss exports by as much as 400,000 bpd . ''

Gasoline stockpiles fell Movement.down.loss by about 300,000 barrels during the week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 2.4 m barrels , deeper than the 1.63 m barrel decline Movement.down.loss expected .

Elsewhere on the ICE Futures Exchange , Brent oil futures for June delivery were down Movement.down.loss 1.94 % at USD97 .97 a barrel , up Movement.up.gain USD10 .93 from its U.S. counterpart .

The IMF earlier said it reduced Cause.movement.down.loss its 2019 global economic growth forecast to 3.30 % , down Movement.down.loss from a last week projection of 3.50 % , while the multilateral lending institution 's the next quarter growth forecast slipped Movement.down.loss to 1 percent from 3.50 % .

Crude Oil WTI Futures for June delivery were trading at $ 68.28 a barrel in Asia at 11:20 PM ET -LRB- 03:20 GMT -RRB- , down Movement.down.loss 0.18 % .

Forecasts for a glut in supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss more than 20 % last month , despite geopolitical war Geopolitical.tension in Russia , Yemen and Ukraine .