Investing.com - Oil Friday was off month-long highs ahead of a meeting of major producers to discuss the market situation.
U.S. crude was off 51 cents, or 1.09%, at $46.41 at 07:00 ET. Brent shed 45 cents, or 0.91%, to $48.85.
OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March.
Key adherents to the accord are due to meet in Saint Petersburg to analyze the market.
Libya, which has been exempt from the accord, and has been increasing output, is due to attend the meeting.
The market was boosted this week by a larger-than expected draw in U.S. crude inventories.
The EIA reported a fall of about 4.7 million barrels in crude stocks in the latest week.
Gasoline inventories also fell more than expected.
Baker Hughes U.S. rig count data are due out later in the session.
Higher U.S. drilling activity has depressed the impact of the output cuts on inventories.