Crude oil futures continued to fall Friday morning, despite yesterday's EIA report showing a significant drop in U.S. oil inventories.
EIA data showed that crude inventories dropped 6.4 million barrels, as refining jumped to a record high.
Although the pace of U.S. production may not be as brisk as once thought, traders remain concerned about the oversupplied global market.
OPEC has agreed with Russia to limit output for nine more months, but Nigeria and Libya are exempt from the deal and are said to be ramping up.
Ahead of this morning's U.S. jobs report, WTI light sweet crude oil was down $1 at $47.36 a barrel.
The Baker Hughes North American rig count, that tracks weekly changes in the number of active operating oil & gas rigs, will be released at 1.00 pm ET.