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Benchmark Brent crude futures were down 1 cent at $55.85 a
barrel at 0907 GMT. The contract was set for an overall weekly
gain after touching a one-month high on Wednesday.
U.S. West Texas Intermediate crude futures were down 3 cents at
$53.08 a barrel. They were on track for their third consecutive
weekly gain, the longest since early January.
U.S. production estimates in a weekly Energy Information
Administration (EIA) report suggested domestic output continued
to climb, potentially undermining an OPEC-led supply cut. [EIA/S]
"We see the weekly inventory and U.S. production data being an
important oil price driver but it conflicts with the OPEC
signals," said Hans van Cleef, senior energy economist at ABN
AMRO Bank in Amsterdam.
"We will see some sideways trading in the coming weeks."
On the other hand, the Paris-based IEA said on Thursday that it
sees the global oil market as close to balancing after a fall in
stockpiles in developed countries.
The market has been oversupplied for three years and members of
the Organization of the Petroleum Exporting Countries as well as
some non-OPEC producers have agreed to slash output to rein in
the glut.
Latest OPEC data showed members had cut March output beyond what
they had promised.
OPEC meets on May 25 to consider whether to extend the supply
cut beyond June. Most members, including Saudi Arabia and
Kuwait, are leaning towards this if other producers, including
those outside the group, also agree, OPEC sources told Reuters
last month.
The IEA trimmed its oil demand growth forecast for 2017 by
40,000 barrels per day and warned that its revised level of 1.3
million barrels per day "could prove optimistic".
(Additional reporting by Naveen Thukral in Singapore; Editing by
Dale Hudson)
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