Oil prices drop amid US withdrawal from climate deal

Oil prices dropped below $50 on Friday amid worries that US President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

Global benchmark Brent crude futures LCOc1 fell to $49.93 a barrel, down 70 cents (1.38%) by 0630 GMT.  US West Texas Intermediate crude CLc1 futures dropped 72 cents (1.49%) to $47.64 per barrel, Reuters reported.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change.

Surging US production has put a strain on OPEC members' efforts to curb production to drain a global crude supply overhang.

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day (bpd) until the end of next March.