Slow increases in industrial production in European economies were unable to offset supply concerns in energy markets, sending crude oil prices down Friday.
Brent crude oil prices fell about three-quarters of one percent shortly after the opening bell on Wall Street to $64.61, continuing the late-week slump that followed a string of market reports from global energy groups.
The Organization of Petroleum Exporting Countries this week said it was keeping its production levels stable on the expectation that global demand would increase. The International Energy Agency, meanwhile, said output from Iraq, Saudi Arabia and the United Arab Emirates helped push OPEC supplies to their highest levels since August 2012.
Starting in June 2014 oil prices began falling steadily below the $100 per barrel mark as the increase in global oil production, driven largely by U.S. shale production, pushed markets toward the supply side. Signs of global economy recovery helped with an oil price recovery, though growth has been sluggish and uneven.
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