Strengthening supplies prompted West Texas Intermediate crude oil futures to drop on Friday as the energy commodity dove toward its fourth weekly loss in the past five weeks, according to Bloomberg.
The International Energy Agency projected supplies to climb higher next year than any time since the 1970s, excluding production from the Organization of the Petroleum Exporting Countries. This week's loss is roughly 2.1 percent.
"Prices dropped after the IEA published their monthly forecast," analyst Hannes Loacker with Raiffeisen Bank International AG in Vienna told the publication on Friday. "If the IEA picture on the supply side is correct, there is a real risk that Brent prices will drop below $100 a barrel during 2014."
At 9:09 a.m. on Friday, WTI crude oil futures fell 1.83 percent, a $1.89 loss to $101.12 per barrel. Brent crude oil futures dropped 0.76 percent, an 85-cent slip to $110.95 per barrel.
Reuters reports the IEA projects the U.S. to become the world's largest producer of oil in 2014. Production in the globe's largest consumer of the energy commodity will push past that of Russia because of the shale oil boom, the organization stated in its monthly report.
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