Oil turns lower, US crude fall below $40

Oil prices fell on Friday, to give up the early gains, despite the US dollar's drop, as the US oil drilling rigs count increased.

Russian President Vladimir Putin said on Thursday that there is no need to change anything in the global supply cut agreement, but extending the cuts can be taken if needed.

Baker Hughes announced today that the US crude oil drilling rigs count rose 6 rigs to 211 during this week, marking the fifth straight weekly increase.

The dollar index fell against a basket of currencies by 0.2% to 92.7 points as of 18:57 GMT, after hitting a high of 93.1 and a low of 92.6.

As of 18:53 GMT, WTI crude November futures at Nymex fell by 2.4% to $39.6 a barrel, after hitting a high of $40.9 and a low of $39.5.

Brent December futures fell 2.1% to $41.6 a barrel, with a high of $42.8 and a low of $41.5.