Mubasher: Oil prices declined on Friday, hurt by oversupply concerns.
At 3:40GMT, Brent crude futures dropped 3.8% to $33.7 a barrel, while U.S. crude fell 3.4% to $30.2.
Oil prices have jumped nearly 14% over the past sessions on agreement between Saudi Arabia, Russia and Venezuela to lock up their production at last January levels.
U.S. oil inventories increased by 2.1 million barrels last week, according to the data released by the U.S. Energy Information Administration (EIA) on Thursday.
