The trading sentiment dampened in futures trade after oil prices eased in Asian trade as concerns of a sharp economic slowdown outweighed supply disruption from OPEC's production cutbacks and USA sanctions on Iran and Venezuela, analysts said.
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower USA crude inventories ahead.
The number of oil rigs in the USA fell to 824 for week ending March 22, a drop of nine over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
U.S. WTI futures Friday settled down 1.6%, at $59.04 per barrel, Kallanish Energy reports.
Crude oil pared earlier losses as the USA stock market turned positive. On Tuesday, prices spiked higher as Venezuela's main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month.
President Donald Trump called OPEC out on Twitter once again on Thursday, pressing the oil "monopoly" to stop driving prices higher.
Xi highlights independence in meeting with French parliament leader
The leader spent his dinner with French President Emmanuel Marcon followed by an official bilateral talk between the two leaders. Italy became the first western country to sign up to China's "belt and road" foreign investment programme.
In the week ended March 15, US crude stockpiles dropped by 9.6 million barrels, the largest decline since July, boosted by strong export and refining demand.
'The oil market was anxious about a global recession, and now we're kind of shaking that off and thinking that if the USA stock market can turn higher, maybe things aren't so bad, ' Phil Flynn, an analyst at Price Futures Group in Chicago told Reuters.
The US President's latest tweet, while calling on the cartel to "increase the flow of Oil", used a rather friendly tone, which is different from previous tweets on the same subject that go further back than his presidency.
Manufacturing data from Asia, Europe and North America is pointing to a sharp economic slowdown.
USA crude inventories are forecast to have fallen by 2.4 million barrels in what would be a third straight weekly decline.
US sanctions have also hit Iranian crude exports.