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.
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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
China 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.