Oil prices fall as OPEC eyes easing supply glut

London - Oil prices fell on Friday as OPEC became the latest organisation to indicate that the global supply glut was set to ease.

On Thursday, energy-advisory body the International Energy Agency's already forecast that the crude oversupply would shrink dramatically later this year.

At around 14:00, US benchmark West Texas Intermediate for delivery in June was down 46 cents at $46.24 a barrel.

Brent North Sea crude for July dropped 43c to $47.65 a barrel compared with Thursday's close.

OPEC said Friday a global crude glut that has squeezed the market and sent prices plunging over the past year "may be easing" as a result of countries outside the oil producing cartel dropping their production.

While prices have surged to six-month highs this week after plunging below $30 in February, they are still far below levels of around $100 a barrel seen two years ago.