Oil was mixed to lower Friday near five-week lows as sentiment remained downbeat on ongoing supply glut concerns.
U.S. crude was off 1 cent, or 0.02%, at $44.65 at 07:45 ET while Brent crude shed 0.35% to $46.19.
Oil futures are down some 13% from recent highs hit mid-October and are set for a fall of 8% for the week.
Concerns about a market-unfriendly outcome to the U.S. presidential elections on November 8 are expected to enhance aversion to risk.
Skepticism persists about OPEC’s ability to deliver a planned cut in output to 32.5-33 million barrels per day.
The huge jump of over 14 million barrels in official U.S. crude stocks in the latest week underscored concerns about supply.
Baker Hughes U.S. rig count figures are due out Friday. The current count stands at 441.
The dollar index inched higher. A stronger dollar depresses demand for oil.
