Investing.com - U.S. oil edged higher on Friday, but it still remained within close distance of an 11-month trough amid ongoing supply glut worries.
U.S. crude futures for August delivery were up 0.14% at $42.80 a barrel, not far from Wednesday’s 11-month lows of $42.05.
On the ICE Futures Exchange in London, the August Brent added 0.11% to $45.27 a barrel, still close to Wednesday’s seven-month trough of $44.35.
Oil prices tumbled after U.S. data this week revealed a rise in domestic crude production, offsetting a drop in oil and gasoline stockpiles.
The U.S. Energy Information Administration on Wednesday said that domestic output climbed by 20,000 barrels to 9.35 million barrels a day, almost 8% higher than the same period last year.
The EIA report also showed that domestic crude supplies fell by 2.5 million barrels for the week ended June 16, while gasoline stockpiles declined by 600,000 barrels.
Oil prices have been under pressure in recent weeks as concerns over rising U.S. shale output could offset production cuts by OPEC and non-OPEC members.
Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers that are exempt from the deal, such as Libya and Nigeria and a relentless increase in U.S. shale output.