Oil price chart: Oil has hit $200 a barrel
Oil prices have reached a record high as U.S. production continues to rise, with crude rising nearly 10 percent from the previous week.
The U.K. government on Friday reported that its oil production jumped by 8 percent in the second quarter of 2017, driven by production from North Sea producers.
Brent crude fell $20.63 a barrel to $113.19 a barrel.
U.S.-produced crude fell by 2.2 percent to $94.77 a barrel in London, with the U.N. benchmark crude falling $20 a barrel by 3.3 cents to $104.10 a barrel on Thursday.
A rise in production is expected to boost prices to $200-$240 a barrel, but analysts say that is not a big deal.
The Organization of Petroleum Exporting Countries, which is the major producer of crude, is expected on Friday to publish its monthly oil price report.
The oil market has been a roller coaster for the past year and the OPEC members will be able to gauge the performance of the world’s biggest producer by comparing their output against the output of other producers, according to Bloomberg News.
The group is expected report a total of 24 major producers that account for 70 percent of global production.
Brent oil prices are currently trading at around $60 a barrel and have been trending down since mid-December.
Brent rose 4.4 percent on Thursday to $114.38 a barrel after the OPEC report was released.
The oil price is likely to keep falling over the next year or two, with production from the U to S. shale and Iranian production expected to rise.
The world is now producing less than 2 million barrels per day, which accounts for about 40 percent of world oil production.