Brent crude futures, the worldwide benchmark for oil prices, were at $48.28 per barrel at 0305 GMT (8:35 am in India), down 10 cents, or 0.2 per cent, from their last close.
In London, BHP Billiton Ltd. fell 2.7% overnight Thursday and Rio Tinto fell 1.4%. But weekly declines of close to 10 percent were all but halved during NY trading hours.
"It is now-or-never for oil bulls", said USA commodity analysis firm The Schork Report on Friday.
Copper and nickel also weakened, as did iron ore futures, while the spot price (an important consideration in the Australian market) dropped 5.1% to $65.20 a dry tonne, according to Metal Bulletin Ltd. The two ETFs will gain exposure to the benchmark by investing in listed futures contracts for West Texas Intermediate sweet, light crude oil futures contracts.
Adding to concerns about bulging inventories, traders pointed to soaring US oil output, which is up more than 10% since mid-2016 to 9.3 million bpd, nearly matching output of top producers Russian Federation and Saudi Arabia.
Signs of the market weakening again threatens to puncture renewed optimism in the sector - which has been shedding thousands of jobs after the collapse in the price from levels of more than $100 in 2014.
Urias' no-hit bid broken up by McCutchen's double in 7th
When Jameson Taillon landed on the disabled list last week, the Pirates had plenty of options to replace him in the rotation. The Dodgers have scored 16 runs in their last three games and four or more runs in nine of their last 11 games.
Both benchmarks broke below closely watched technical levels, with US crude smashing below $47.23.
LME copper for delivery in three months slid 1% to settle at $US5,543 a tonne after Wednesday's 3.5% drop on Wednesday.
July Brent -$1.24 to $47.14/bbl on ICE Futures Europe exchange.
Crude oil rose on Friday, bouncing back from levels not seen since November, on the likelihood key producers could extend output cuts beyond an agreed-on June deadline, while USA stocks closed at a record high. Including production from Indonesia, which has suspended its OPEC members, production topped the agreed quota level of 32.5 million barrels a day by 80,000 barrels. This substantially increases the chances of one or more participants cheating, betraying the objective of the extension, and that's in case everyone even agrees to the extension, which is by no means certain when it comes to non-OPEC producers. OPEC delegates hinted that increasing output cuts would be unlikely at their meeting on May 25th, but confirmed that current output cuts were likely to be extended. Brent crude, the standard for worldwide oils, fell 15 cents to $48.23 a barrel in London.
-The S&P 500 Index rose 0.1 percent to 2,389.49 at 4 p.m.in NY. Global crude inventories have begun to erode, but fast-growing production outside the signatories to the deal, who pledged to remove 1.8 million bpd in supply from the market, have severely tested investors' faith in the ability of the world's largest exporters to tackle the glut.
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