Oil prices fell on Friday after a three-day rally lost momentum and the crude market headed for its worst quarterly performance since 2015 as investors worried that growing US supplies would undermine OPEC-led production cuts.
Brent crude was the biggest loss among global asset classes this quarter, with contracts in March hitting their biggest monthly loss since July as US crude inventories and drilling activities surged, reversing the impact of production cuts elsewhere in the world.
On Friday, Brent crude fell 32 cents to $ 52.64 a barrel by 0836 GMT. Contracts have lost about 7 percent since the previous quarter, the biggest quarterly loss since late 2015.
US crude futures fell 20 cents to $ 50.15 a barrel and is heading for a quarter ending a 6.5 percent slide, also the biggest quarterly loss since late 2015.
Oil prices gained momentum earlier this week, supported by growing expectations that Opec and Russia, a major producer outside the Organization, would agree to extend the cut-off deal in an effort to boost prices.
OPEC and a number of independent producers, including Russia, agreed late last year to cut production by about 1.8 million barrels per day during the first half of this year to reduce the global supply and price increases.