2016.07.1507:56:00UTC+00Oil In Doldrums Near $45

Crude oil futures were slightly lower Friday morning amid lingering concerns about a global supply glut.

Inventories in the U.S. arae falling at a slower than expected pace, while Iran and Saudi Arabia continue to flood the market.

WTI crude oil was down 17 cents at $45.53 a barrel, having touched the lowest in two months.

Geopolitical tensions and expectations for reduced output from non-OPEC nations have kept oil in the $45 range.

Non-OPEC oil production this year should fall by about 880,000 barrels per day, OPEC said earlier this week.