Crude Oil eases

Reuters

Singapore

Crude oil futures eased on Friday, extending big falls in the previous session as investors reassessed U.S. data underlining the glut in petroleum, while Iraqi crude exports are also on the rise.

The global oversupply of oil has been easing but with huge amounts of crude being held in tanks and tankers on land and water, the rebalancing has taken longer than many expected.

"The market is getting a little bit nervous about the medium term. The inroads into global stockpiles of oil are not as great as anticipated," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

Brent crude fell 13 cents, or 0.3 percent, to $46.07 a barrel as of 0605 GMT after closing 2.1 percent lower in the previous session. Brent is on track for a decline of more than 3 percent for the week.

U.S. West Texas Intermediate (WTI) dropped 25 cents, or 0.6 percent, to $44.50 a barrel after ending the previous session down 2.2 percent.