Crude oil prices were lower Friday amid ongoing concern that the market is unbalanced, with growing production and record-high exports from the United States. West Texas Intermediate front-month futures were 2.4 percent lower at $50.20 per barrel as of 10:20 a.m. EST, while Brent front-month futures traded at $58.51 per barrel, or 2.3 percent lower, as of the same time. “Right now we are at the top end of supply, with everyone producing as if Iran were cut off … but Iran is still pumping too. Too much supply,” Matt Badiali, a trained geologist and senior research analyst at Banyan Hill Research, said in a message sent to UPI. “Oil is oversold — from April to September, Iran cut 830,000 […]