The price of Brent crude dropped below $60 a barrel on Friday as a worldwide abundant supply of oil indicated continued growth, despite more energy firms cutting upstream investments.
Reuters reported that Brent crude for February delivery increased 4 cents to $59.31 a barrel, while US crude for January delivery was up 31 cents at $54.42.
OPEC recently decided not to cut production, despite a near 50% drop in oil prices since June.
Newedge Japan commodity sales manager Ken Hasegawa was quoted by the news agency as saying: "Following the long and steep decline in oil prices, we have seen some buying interest in recent days. But there is still a lot of selling pressure.
"But for now there is no significant halt in production and no change to the supply and demand situation. So oil prices can still go lower."
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Several oil firms have unveiled cuts in exploration and capital investments as projects will be uneconomical due to the decline of oil prices.
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By GlobalDataEnergy consultancy Wood Mackenzie predicted that oil companies will need to cut 2015 investments by $170bn if Brent remains around its current level.
Saudi Arabia Oil Minister Ali al-Naimi said OPEC needs the support of other big producers to cut production and efforts to get them on board have so far failed.
al-Naimi said OPEC will find it difficult to implent cuts alone to reverse the oil price slump, which he says will be temporary.