Oil prices slightly rebounded on Friday after the International Energy Agency (IEA) released its monthly report that said global oil supply fell by 60 thousand barrels per day to 100.19 million barrels per day (mbpd) in July.
International benchmark Brent crude was trading at $58.31 per barrel at 1128 GMT on Friday after starting the day at $57.71.
WTI was at $53.23 a barrel at the same time after opening at $52.74 on Friday.
In July, OPEC production fell by 190 thousand bpd to 29.71 mbpd, remaining at a five-year low in July, as Saudi Arabia pumped less while Iran and Venezuela lost more output due to sanctions, IEA said.
Morover, the IEA revised its 2019 oil demand growth forecast down by 0.1 mb/d to 1.1 million b/d.
Oil prices dropped mid-week on Wednesday after the Energy Information Administration (EIA) released its weekly oil stock data. U.S. crude oil inventories rose last week amid expectations of a drawdown in stockpiles.
Commercial crude oil stocks increased by 2.4 million barrels, or 0.5%, to 438.9 million barrels for the week ending August 2, the EIA data showed. However, the market expectation was a decline of 2.85 million barrels.
Ongoing trade tensions between China and the U.S. and uncertainty in the Strait of Hormuz are also hampering a significant rise in oil prices.
Meanwhile, Saudi Arabia said it plans to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global inventories.
By Zeynep Beyza Kilic