Investing.com - U.S. oil futures slipped lower but remained close to seven-week highs on Friday, as a decline U.S. stockpiles and hopes for an agreement between exporting countries on a potential production freeze continued to support.
U.S. crude futures for September delivery was down 0.10% at $48.17 a barrel, the highest since July 5.
On the ICE Futures Exchange in London, the October Brent contract slid 0.33% to $50.72 a barrel, still close to the seven-week high of 51.22 hit overnight.
Crude prices were boosted after weekly supply data released on Wednesday showed that both U.S. crude and gasoline supplies drop more than forecast last week.
According to the U.S. Energy Information Administration, crude oil inventories fell by 2.5 million barrels to 521.1 million. The report also showed that gasoline supplies decreased by 2.7 million barrels, much more than the expected 1.6-million-barrel decline.
The commodity has also been supported since Saudi Arabia’s energy minister said the country would work with other oil producers to stabilize prices at a meeting in Algeria next month.
Russian Energy Minister Alexander Novak said on Monday his country is opening up to an agreement with other major oil producers to cap output "if necessary" to achieve market stability.