Oil prices slip as US drilling expands

Brent crude futures were down 16 cents at.21 per barrel at 0841 GMT

Oil prices on Friday bounced up off the year's lows as some producers reduced exports and USA rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply.

US West Texas Intermediate crude futures were down 1 cent at $44.19 a barrel.

Various energy-monitoring bodies, such as the International Energy Agency, of late have projected US crude output will continue rising through next year-increases which stands to negate the bulk of the ongoing OPEC-led cuts.

Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 million barrels a day by the end of July, according to National Oil Co.

Libya's oil production rose more than 50,000 bbl/d to 885,000 bbl/d after the state oil company settled a dispute with Germany's Wintershall AG, a Libyan source told Reuters. The Energy Information Agency (EIA) estimates that shale production have risen to 9.33 million barrels per day as at the 9th of June this year, up more than 700,000 bpd since it bottomed in September 2016.

Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

"Unless we see a marked reduction in crude stockpiles, the possibility of further short term falls in the price of oil can not be ruled out", he added.

August crude, which will become the front-month contract at the close, lost $1.27, or 2.9% to $43.16 a barrel.

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"The U.S. oil rig count continued to rise, up by 6 last week", Goldman Sachs said late on Friday.

That is closing in on a bear market, which kicks in when settlement prices fall 20 percent from their peak.

"For total non-OPEC production, we expect production to grow by 700,000 barrels per day (bbl/d) this year, but our first outlook for 2018 makes sobering reading for those producers looking to restrain supply".

With all the new rigs being added, Goldman Sachs believes that the U.S. oil production will increase by 770,000 barrels per day (bpd) in the fourth quarter of this year over the fourth quarter of the previous year, in the major shale oil fields.

As midweek nears, it's time for weekly US data to again take center stage.

US oil production has been rising quickly this year, feeding the global glut.

US energy companies added oil rigs for a record 22nd week in a row, energy services company Baker Hughes said on Friday.

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