Oil fell after touching $50 a barrel for the first time in more than six months Thursday as U.S. crude supplies and production declined.
Futures fell as much as 0.4 percent in New York after declining 0.2 percent on Thursday. Brent crude had topped $50 for the first time since November before erasing gains. U.S. stockpiles shrank more than expected last week, government data showed.
West Texas Intermediate fell as much as 21 cents to $49.27 a barrel on the New York Mercantile Exchange and traded at $49.36 a barrel at 9:15 a.m. Sydney time. The contract fell 8 cents to close at $49.48 on Thursday. Total volume traded was about 85 percent below the 100-day average.
Brent for July settlement on Thursday decreased 15 cents to $49.59 on the London-based ICE Futures Europe after earlier rising as high as $50.51. The global benchmark crude closed at a 11-cent premium to WTI.