London: Oil prices steadied on Friday as a sharp fall in the dollar balanced evidence of growing oversupply, with core Opec producers pumping near record levels.
A Reuters monthly survey of output from the Organisation of the Petroleum Exporting Countries on Friday showed the group has pumped more than 32 million barrels per day (bpd) this month, up 140,000 bpd from June.
Saudi Arabia has been pumping around 10.6 million bpd, close to its highest-ever level, the survey showed, helping keep supply well above global demand and filling storage tanks.
But a fall in the dollar after weaker-than-expected US employment data limited price declines. The dollar was down more than 1 per cent against a basket of currencies.
