Investing.com - U.S. oil futures moved back lower on Friday, after two consecutive sessions of gains as concerns over a global supply glut continued to weigh.
U.S. crude futures for September delivery dropped 0.81% to $41.59 a barrel.
On the ICE Futures Exchange in London, the October Brent contract retreated 0.86% to $43.88 a barrel, off Thursday’s one-week high of 44.34.
Crude prices had briefly strengthened after the U.S. Energy Information Administration said in its weekly report that gasoline inventories decreased by 3.3 million barrels in the week ended July 29, much more than the expected 0.2-million-barrel decline.
However, the report also showed that crude oil inventories rose by a surprising 1.4 million barrels last week to 522.5 million, which the EIA considered to be “historically high levels for this time of year”.
But oil prices resumed their downward trend as concerns over overproduction in crude and refined products resurfaced on Friday.
The commodity also came under pressure amid growing worries that China's imports are weakening from records set in 2015 and this year.