Oil prices fall as expectations of higher supplies hammer market sentiment

- Oil prices fell for a third day on Friday, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters.

The agreement could see more than 500,000 bpd of Libyan supply return to markets, ANZ Bank analyst Daniel Hynes said. Saudi Arabia, the de facto leader of OPEC+, has repeatedly denied targeting a certain oil price, and sources at the wider group told Reuters that the plans to raise output in December do not represent any major change from existing policy.

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Canadian manufacturing sales rose in July after market decreaseStatistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
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