Oil prices drop almost 3% on rising supplies

New York

OIL prices settled nearly 3 per cent lower on Friday on rising US production and exports by Opec (the Organization of the Petroleum Exporting Countries), casting doubt over efforts by producers to curb global oversupply.

Brent crude settled down US$1.40, or 2.9 per cent, at US$46.71 a barrel, after falling to US$46.28, its lowest in more than a week.