Rising U.S. crude stocks dragged oil lower on Thursday but prices continued to find a floor as OPEC-led cuts and freefalling Venezuelan output tightened global supplies.
International benchmark Brent futures were at $71.23 a barrel at 09:42 GMT, down 50 cents from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were down 54 cents at $64.07 per barrel.
U.S. crude inventories surged by 7 million barrels to a 17-month high of 456.6 million barrels last week, the Energy Information Administration said on Wednesday.
U.S. crude oil production remained at a record 12.2 million barrels per day (bpd), making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.
Source : Reuters