Oil prices have remained firm due to strong demand in Asia, with Abu Dhabi reducing crude exports.
International Brent crude futures LCOc1 were down 4 cents from their last close and traded at $55.65 per barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 fell 5 cents at $52.75 a barrel, Reuters reported.
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Abu Dhabi National Oil Company (ADNOC) announced its plans to cut supplies of its Murban and Upper Zakum crude by 5%, as well as Das exports by 3%.
These cuts are set to mostly hit Asia.
Traders said earlier this week oil shot to mid-2015 highs after the Organisation of Petroleum Exporting Countries (OPEC) and other exporters agreed to cut production by almost 1.8 million barrels a day to increase prices.
Reuters quoted CMC Markets chief market strategist Michael McCarthy saying: "The market is putting a lot of importance on the commentaries coming out of OPEC and non-OPEC and the market is giving OPEC the benefit of the doubt that cuts will be implemented and achieved."
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By GlobalDataChina crude output for last month fell 9% on a year earlier to 3.915 million barrels per day, data revealed.
The fall came as the country’s refinery throughput hit a daily record of 11.14 million bpd last month, representing a 3.4% rise year-on-year.
