Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.90 by 1345 GMT. The contract lost 27 cents to $44.46 on Thursday, the lowest since November 14.
The EIA said USA crude inventories fell by 1.7 million barrels in the week ending June 9, against a market expectation of a 2.7 million drawdown and compared to yesterday's 2.7 million barrel increase reported by the American Petroleum Institute. This, they say, raises some questions about overall demand for crude oil during the peak summer driving season, a time when demand is typically very high. The oil price has declined more than 10 percent since the May agreement.
Crude prices drifted barely weaker oi Friday in Asia with investors eager to see if USA shale drillers keep pouring on the heat for OPEC and allies or whether recent price falls bring a pause.
The EIA released its monthly report on drilling activity Monday showing that oil production from seven major USA shale plays is projected to rise by 127,000 barrels a day to 5.475 million barrels a day in July from June.
Scalise on the mend, now in 'serious' condition
Bailey was spotted Friday in the Capitol, on crutches and out of uniform, accepting congratulations from fellow officers. Sava said that after being released from the hospital, Scalise "will require a period of healing and rehabilitation".
Crude edged higher on Friday, but prices remain near November lows, as rising USA output is countering production cuts agreed to by OPEC members. The global benchmark crude ended the session at a premium of $2.24 to August WTI.
Gasoline stocks rose by 2.1 million barrels, compared with analysts' expectations for a 457,000-barrel drop. In addition to that, the production from OPEC, in the month of May rose by 336,000 barrels per day, thanks to Libya and Nigeria.
US output is still expected to rise by 800,000 bpd in 2017, contributing nearly all the non-OPEC gain. OPEC production jumped last month as Libya and Nigeria revived supply halted by attacks and political crises, a report from the group showed on Tuesday. Rather, it was the International Energy Agency's (IEA) new report that suggests that American oil supplies are going to exacerbate the problem producers are contending with in the market today: the global glut of crude.
The US government's Energy Information Administration has raised its prediction for domestic output growth in 2017 to 460,000 barrels per day from a predicted decline of 80,000 barrels per day in December.