The decline was mainly due to the surprise build in US gasoline stockpiles that point to weaker-than-expected demand at a time when consumption of gasoline usually rises.
Crude traders and investors in Asia also had their first chance to assess a 13th consecutive increase in the rig count by drillers of USA shale oil.
At a time when the Organisation of Petroleum Exporting Countries (OPEC) and other producing nations have been trying to cut output, government drilling data showed USA shale production next month was set to rise to 5.19 million barrels per day (bpd).
USA inventories now sit at 532.3 million barrels, only down about 3 million units from the record reached in March.
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U.S. West Texas Intermediate slipped 17 cents to $52.24 a barrel as of 10:49 a.m. EDT (1449 GMT), while Brent dropped 14 cents to $54.75 a barrel.
Saudi Arabia, Iraq and Kuwait believe $60 a barrel will lift their economies and allow for more energy-industry investment, the officials said, without jumpstarting too much American shale output, which can be ramped up and down with prices more easily than most oil production.
Patrick Pouyanne, chief executive of French oil and gas giant Total, said on Thursday prices could fall again by the end of the year, citing US shale production. US crude futures were up 43 cents at $50.87 a barrel. On Thursday, before major markets closed for the holiday break, they settled up 3 cents at $55.89 a barrel.
Global fuel stocks are well above the five-year average, and Saudi Energy Minister Khalid al-Falih was quoted on Thursday as saying inventories remained elevated in part because traders were selling supplies out of tanker storage.
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People were able to watch videos everywhere on their smartphones and tablets, said Michael Pachter Wedbush Securities analyst . Netflix increased its number of members to 98.75 million, including 94.36 million paid, in the first quarter of 2017.
"The market sentiment appears to be that the increase in USA shale production outweighs the OPEC action and the market is keeping the loss we had yesterday", he said.
"Barring a spike in geopolitical tensions.oil prices will simply not be able to materially rally through resistance in the mid $50s (WTI) until the pace of of USA production moderates", said Tyler Richey, co-editor of the Sevens Report.
Geopolitical concerns have also helped underpin oil. This week, U.S. President Donald Trump ordered a review of whether the lifting of sanctions against Iran was in the United States' national interests.
The market will watch Wednesday morning to see if US government data confirms the API report.
Pachuca evitó ventaja de Tigres y definirán en la vuelta
Por tal motivo, si hay empate, los Tigres necesitarían que fuera de dos goles en adelante para levantar el título. Tuca Ferretti no podía creer que se falló el penal que significaba la vuelta al marcador y el 2-1.