Oil dropped as OPEC’s production increased last month, at a time when U.S. drillers are also ramping up.

Oil advanced to the highest level since May after U.S. gasoline stockpiles plunged to a 22-month low and exports of crude and fuels surged.

Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.

Oil slipped, heading for the biggest weekly loss in a month, as the outlook for demand dimmed in an already shaky market.

U.S. producers are seen pumping away, even with the price of West Texas Intermediate crude lingering below $50 a barrel, according to the latest government estimates.

A growing U.S. economy sparked a jump in fuel demand from companies and travelers in June, which may help to ease a persistent supply glut.

Oil fell for a third week as rising supplies from the United States to Nigeria to Libya showed that OPEC is still struggling to clear a global glut.

U.S. retail gasoline prices in the Lundberg Survey dropped as crude oil fell to the lowest level in six years.

The average price of regular gasoline at U.S. pumps rose for the second time since June, climbing 13.2 cents in the past two weeks to $2.32 a gallon, according to Lundberg Survey Inc.

The average price of regular gasoline at U.S. pumps rose for the first time since June, climbing 12.72 cents during the past two weeks to $2.1963 a gallon, according to Lundberg Survey Inc.