Oil prices are falling in early Friday trading. West Texas Intermediate crude oil is down 1.23% at $47.44 a barrel.
The drop comes amid concerns of an excess of oil supply, despite a bigger-than-expected draw of US crude oil inventories last week.
At the end of May, OPEC and non-OPEC countries agreed to extend their production cuts until March 2018, which disappointed traders who were expecting deeper cuts. Crude oil prices fell about 5% after that announcement, to about $48.90 a barrel.
Some experts are now concerned any cuts by OPEC countries will be negated by increased drilling in the US after President Trump announced a US withdraw from the Paris accord, though some are skeptical.
Brent crude oil prices dropped below $50 on Friday, the first time since May 10th.
