Oil prices declined on Friday despite a sharp drop in US crude inventories, as investors are now concerned with lower demand from idle refineries in Texas hit by freezing temperatures.
International benchmark Brent crude was trading at $63.31 per barrel at 0718 GMT for a 0.96% fall after closing Thursday at $63.93 a barrel.
American benchmark West Texas Intermediate (WTI) was at $59.73 per barrel at the same time for a 1.31% increase after it ended the previous session at $60.52 a barrel.
Oil prices have been on a bullish trend for four straight sessions over a snap cold in the largest US energy-producing state of Texas, which brought almost 65% of the production in the region to a halt.
With diminished supplies from disruptions in the region, oil prices are declining due to lack of demand, as investors are concerned that refineries will remain offline for some time for maintenance even after temperatures rise.
The downward trend was also spurred by investor expectations that crude oil futures will start underperforming when the weather-related supply drop recovers.
Limiting further declines, US crude oil inventories declined last week, signaling an uptick in crude demand in the US, the world's largest oil consumer.
US commercial crude oil inventories fell by 7.3 million barrels, or 1.5%, to 461.8 million barrels, relative to the market expectation of a build of 2.2 million barrels, according to data released by the EIA on Thursday.
By Sibel Morrow