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Crude prices edged down as the market's sentiment continued to be weighed down by oversupply concerns. But traders argued that prices currently seemed to be at a level that is supported.
U.S. WTI crude oil futures traded down 25 cents or 0.5 percent from their last close at $49.37 per barrel. The U.S. benchmark has fallen by 8.5 percent in value since it hit its peak in April.
Meanwhile, Brent crude futures traded down 20 cents or 0.4 percent, at $51.62 per barrel. The international benchmark is near 9 percent down from its April peak.
Traders said the declines in recent weeks were because of the participants' discernment that global oil markets continue to be bloated with supplies, despite OPEC-led efforts to reduce output during the first half of the year in order to rebalance the market and support prices.
While the U.S. saw a decline in its crude oil inventories for the week, but from record highs, its gasoline inventories jumped as refiners pumped out more fuel faster than the markets could consume.
On the supply front, U.S. crude oil production continued its upward trajectory and has now increased 10 percent since mid-2016, standing at 9.27 million bpd.
