Investing.com - Crude prices were higher on Friday as an increase in stockpile data sparked concerns about a global oversupply as demand for oil waned.
West Texas crude oil futures for November rose 0.66% to $71.44. Meanwhile ,Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.44% to $80.61.
Data on Thursday showed that inventories in the U.S. continue to rise more than expected, leading to a concern of oversupply.
Meanwhile OPEC cut its oil demand growth estimates for 2018 and 2019 in its monthly report on Thursday.
Prices of oil have already been rising in recent months over concern of tightening supply due to U.S. sanctions against Tehran, which are due to take effect Nov. 4, but have already caused Iran’s crude exports to fall.
Traders are also looking ahead to the weekly U.S. Baker Hughes oil rig count, which is a leading indicator of demand for oil products.
In other energy trading, gasoline RBOB futures rose 1% to $1.9518 a gallon, while heating oil fell 0.24% to $2.3266 a gallon. Natural gas futures tumbled 2.3% to $3.149 per million British thermal units.