WTI crude is decreasing 0.49% to $49.24 per barrel on the New York Mercantile Exchange, while Brent crude is falling 0.69% to $49.25 per barrel on the Intercontinental Exchange this afternoon.
"People are worried crude production will come roaring back at these prices," Price Futures Group energy markets analyst Phil Flynn told Reuters. "But I also think we are down because of higher interest rate concerns and the longer weekend."
The dollar continues to gain because of rising expectations for higher interest rates, which would make dollar-denominated commodities more expensive to hold abroad.
Additionally, U.S. oil companies took two rigs out of production this week, bringing the total rig count to 316, according to data from Baker Hughes (BHI), Reuters reports.
Shares of Petrobras, a Rio de Janeiro-based state-run energy company, are also being pressured by a weaker real, the Brazilian currency.
The real is declining amid speculation that interim President Michel Temer and his political party tried to restrict the corruption investigation surrounding Petrobras, Bloomberg reports.
Separately, Petrobras has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: PBR.A
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.