NEW YORK, July 21 (Xinhua) -- Oil prices tumbled on Friday after data showed rising crude oil supply from the Organization of the Petroleum Exporting Countries (OPEC).
Tanker-tracking firm Petro-Logistics said Friday OPEC oil output was set to rise by 145,000 barrels a day this month to more than 33 million barrels a day, according to media reports.
The news came before an OPEC and non-OPEC countries' meeting in Russia next week. Major oil producers will discuss compliance of agreed production cuts.
The West Texas Intermediate for September Delivery lost 1.15 U.S. dollars to settle at 45.77 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September Delivery erased 1.24 dollars to close at 48.06 dollars a barrel on the London ICE Futures Exchange.
