Investing.com - Crude oil prices fell sharply in Asia on Friday as investors shrugged off U.S. inventory data and concentrated on a continued global supply glut.
On the New York Mercantile Exchange crude futures for August delivery fell 1.41% 39 cents to $44.88 a barrel, while on London's Intercontinental Exchange, Brent dropped 0.96% to $47.43 a barrel.
Overnight, crude futures settled higher on Thursday, buoyed by data showing that supplies of U.S. crude fell by more than expected, easing concerns that U.S. output would continue to add to the glut in supply.
Crude prices eased from highs but ultimately settled higher, after an upbeat report from the Energy Information Administration on Thursday, spurred a recovery in oil prices from a 4% drop sustained in the previous session, as both gasoline and crude stocks piles fell more than expected.