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Oil prices were trading flat ahead of an important convention of major oil exporting nations next week, hovering below the $50 per barrel mark that was briefly hit for the first time in 6 weeks in the preceding session.
International benchmark Brent crude futures traded down 1 cent at $49.29 per barrel, while U.S. WTI crude futures stood at $46.91 per barrel, falling by also 1 cent.
In the previous trading session, both benchmarks climbed to their peak levels since early June, bolstered by data showing a huge drawdown in U.S. crude and fuel stockpiles. According to ANZ, the effect of the solid decline in inventories reported earlier this week was still lingering in the market.
Despite the decline, U.S. oil inventories continue to to be significantly above the five-year average, while U.S. production has risen by around 12 percent since mid-2016 to 9.4 million bpd.
The brimming global supplies has put pressure on oil prices and top members of OPEC are slated to meet non-members in Russia on monday regarding a deal they had made last year to lower production.
