Oil prices head for first weekly loss since March

Global oil prices widened their losses in European trade on Friday, heading for their first weekly loss since late March as worries came back over the global supply after OPEC production reached record highs in April, while U.S. crude inventories rose to their highest ever. 

As of 12:50 GMT, U.S. crude fell to $43.70 a barrel from the opening price of $44.51, with a session-high at $44.57, and a low at $43.53. 

Brent crude slid to $44.37 a barrel from the opening of $45.11, with a session-high at $45.14, and a low at $44.18. 

U.S. June futures closed up 1.1% yesterday in what was their second day of gains after U.S. production fell to its lowest since September, 2014, while Brent July futures advanced 0.6% in what was their first daily gain in five session after Canada's production slumped by 800,000 barrels following wide forest fires in oil-rich Alberta province. 

Oil prices lost about five percent this wee, heading for the their first weekly loss since March under pressure of a global supply glut after OPEC reached record highs of production in April, while U.S. inventories rose. 

According to initial reports, OPEC production rose to 33.22 million bpd in April, a record high, and up 480K bp from March, as Iraw raised its production by 160K, while Iran added 300K, reaching their highest since December, 2011. 

The Energy Information Administration reported a rise of 2.8 million barrels in U.S. inventories for the week ending April 29, the fourth in a row, reaching a total of 543.6 million barrels, a record high. 

Traders wait for later data on U.S. rigs count, reported by Baker Hughes, an oil services company, with expectations pointing to a drop in the rig count for the eighth week in a row to its lowest since November 2009.