Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the OPEC not to disrupt Cause.movement.down.loss production .

A expansion Grow.strong in economic growth in Europe or another output cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

`` We are now witnessing a period of expansion Grow.strong in U.S. oil and gas production that matches or exceeds any historical records ever achieved by the oil and gas industry , '' said Tim Gould , head of the Energy Supply Outlook division .

On Thursday , official data showed that the U.S. economy expanded Grow.strong by 2.5 % in the second quarter , confounding expectations for a 2.6 % expansion Grow.strong .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with glut in supply Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the other major producers not to trim Cause.movement.down.loss processing .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the themselves not to disrupt Cause.movement.down.loss processing .