FILE PHOTO: Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File Photo
Global benchmark Brent LCOc1 was down 10 cents, or 0.1 percent, at $76.69 a barrel by 0652 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were unchanged at 65.81 a barrel. Last week, WTI lost around 3 percent, adding to a near 5-percent decline from a week before.
“Crude oil remained under pressure as the market remained focused on the discussion between OPEC members about whether they should increase production later this year,” ANZ said in a note.
“In the U.S., the data also presented a gloomy picture. Crude oil production rose to another record, while drilling activity picked up again.”
Saudi Arabia, effective leader of the Organization of the Petroleum Exporting Countries (OPEC), and Russia have discussed boosting output to compensate for supply losses from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.
Russia’s largest oil producer Resent will be able to restore 70,000 barrels per day (bpd) of oil output in just two days if global production limits are lifted, Renaissance Capital wrote in a client note.
U.S. crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, the Energy Information Administration said on Thursday.
“We are going into summer, the high demand season, and I think we are going to see a fall in U.S. crude oil inventories, but shale oil output is growing. Which one is going to win is the issue,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.
U.S. drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015