Oil prices settled lower on Friday after OPEC announced it had agreed to roll over its policy of maintaining crude production in order to retain market share.
Also on Friday, oilfield services firm Baker Hughes reported its weekly count of U.S. oil rigs fell by 10 to a total of 545, compared with 1,030 a year ago. This is the third consecutive week of declines.
Internationally traded Brent was down 80 cents, or 1.8 percent, at $43.05 at 2:33 p.m. EDT, having fallen earlier this week to a low of $42.43, within cents of August's 6-½ year trough.
U.S. crude settled 2.7 percent lower at $39.97 a barrel.
OPEC had been widely expected to stick with its year-old policy, despite pressure from poorer members of the cartel for a cut in output to prop up the price of oil.
During OPEC's press conference, OPEC President Emmanuel Ibe Kachikwu said the producer group was taking a "wait and watch" approach. The cartel will meet again in June 2, 2016 to reassess policy.
He said OPEC members would keep current actual production levels steady. The target heading into the meeting was 30 million barrels per day.
OPEC sources had earlier told Reuters it had agreed to raise its output ceiling to 31.5 million bpd at its meeting in Vienna, in what appeared to be an effective acknowledgement of existing production. But the official statement did not mention a target production level.