Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production.
Brent crude futures were down 0.19 percent, at $51.39 per barrel, as of 07:59 am (MSK).
U.S. West Texas Intermediate (WTI) crude September futures were down $0.27%, at $48.91 per barrel.
U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA), Reuters reported.
