Brent crude futures were last down 33 cents at $72.06 a barrel by 12:00pm GMT, while USA crude futures fell 55 cents to $67.11.
Prices had tumbled to a six-week. However, low stocks were still providing a floor as even with last week's rise, overall United States crude inventories are below the five-year average of about 420-million barrels.
On Tuesday, the EIA reported that USA crude production fell 30,000 barrels per day to 10.44 million bpd in May.
Under constant pressure from US President Donald J. Trump to cool prices, Opec and its allies are fulfilling a pledge made in June to increase output to ease concerns over potential supply disruptions in countries such as Iran and Venezuela.
Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in USA crude inventories and renewed concerns over trade friction between the US and China, Reutersreports.
US crude stocks rose last week as imports jumped, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.
Futures in NY were little changed, following a 3.5-percent slide in the past two sessions.
OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to USA sanctions.
The EIA also reported USA crude exports posted the biggest decline on record last week, while US crude production fell for the first time since February. "This could severely dent the competitiveness of US oil and derivatives in the Chinese market", said Abhishek Kumar, senior energy analyst at Interfax Energy.
Crude oil costs experienced their worst monthly decline in over two years in July as a multi-year high in barrel prices broke away amidst plans by OPEC and Russian Federation to boost production limits. In the previous week, total USA inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels. Mr Novak said that higher production was due to the need to maintain the market's stability.
The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.
Crude oil production from the Organisation of Petroleum Exporting Countries increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.
The same way we fight for the existence of the state, we are determined to fight for the right to live in equality and dignity. The Israeli left-wing and leaders of Israel's wider Arab community have also condemned the new law.
Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said. The participation rate, or share of working-age people in jobs or actively looking, was unchanged at 62.9 percent.
But his most powerful tribute went to his mother, whom he credited for showing him what a hard work ethic was growing up. Needless to say, Owens still holds a grudge against the sports media who determined his fate on the Hall of Fame ballot.
Earlier on Saturday, a small plane carrying two parents and their two children crashed in the nearby canton of Nidwalden. Police said a large rescue mission had been deployed to the scene of the crash, including five helicopters.
With his first opening round in red numbers in 13 starts this season, Woods flirted with his first unblemished card since 2015. This time, it will take place on a public course, where Woods won the 2002 U.S.
Keep in that mind before telling friends you didn't respond because you were running out of battery, they'll know if you're lying. This is why we wanted to ask you if you are fine with Google sharing your battery life as well as your location with your exes.
The notion of a government shutdown was criticized by Senate Appropriations Committee Chairman Richard Shelby. The government has already shut down twice since Trump took office, both times early this year.
There were 15 passengers and three crew aboard the crashed helicopter, said a statement from the operator, UTair airlines. The crew of the cargo-carrying helicopter were not injured and there was no adverse weather conditions, said Rosaviatsia.
The Saudi-led alliance says capturing Hodeidah would cut off the main supply line of the Houthis and force the group to the negotiating table, but it has made no major gains since it launched the offensive on 12 June.
For more than a decade Seagal, who according to his own website is 66, has been a regular visitor to Russian Federation . He has defended Putin's policies, including the 2014 annexation of Crimea, and has criticized the USA government.
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