Investing.com - Oil prices were lower in North American trade on Thursday, after the International Energy Agency said OPEC's compliance with production cuts fell in June to its lowest levels in six months, underling worries over a global supply glut.
OPEC's compliance with cuts slumped to 78% last month from 95% in May, according to the IEA's monthly market report released earlier, as several members pumped much more oil than allowed by their supply deal.
In May, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output.
The U.S. West Texas Intermediate crude August contract was at $45.42 a barrel by 8:35AM ET (1235GMT), down 8 cents, or around 0.2%, after being down by as much as 1% at $44.99 earlier.
Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London slipped 14 cents to $47.60 a barrel.
Oil ended higher on Wednesday after U.S. government data confirmed a sharp decline in domestic crude supplies for a second week in a row. Prices, however, ended off the best levels of the session, as rising production in the U.S. underlined concern over a supply glut.
Data from the U.S. Energy Information Administration showed that crude oil inventories fell by 7.6 million barrels in the week ended July 7. There was additional support stemming from a decline in U.S. gasoline inventories.
But total domestic crude production edged up by 59,000 barrels a day to 9.397 million barrels a day last week, according to the EIA figures.
Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC and non-OPEC members.
Elsewhere on Nymex, gasoline futures for August shed 0.2 cents to $1.515 a gallon, while August heating oil dipped 0.3 cents to $1.470 a gallon.
Natural gas futures for August delivery slipped 2.4 cents to $2.961 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.