Crude oil futures failed to hold early gains and settled near the flat line on Friday, as traders weighed demand and supply position in the oil market.
While data showing that Chinese economy recorded its slowest expansion in almost thirty years, growing just 6.1% in the year 2019, raised concerns about the outlook for energy demand, the signing of the trade deal and buoyant economic data from the U.S. helped ease these concerns.
West Texas Intermediate Crude oil futures ended at $58.54 a barrel, gaining 2 cents for the session. Oil futures rose to $58.98 a barrel earlier in the session.
For the week, crude oil futures shed about 0.8%.
Brent crude futures ended up $0.23 at $64.85 a barrel.
On Thursday, the International Energy Agency said in its report that it expects supply from OPEC will exceed demand for its crude, despite compliance with output cuts.
OPEC too has said supply from non-OPEC nations too far exceeds demand for crude.
According to a report released by Baker Hughes, the number of active U.S. oil rigs increased by 14 to 673 this week. Oil rig count had declined in the previous three weeks.