Brent crude futures were down 79c at $74.25 a barrel by 10.43am GMT, while USA futures fell 53c to $64.78 a barrel. Since the beginning of the week Brent fell by 6.1%, WTI - by 5.8%. Saudi Arabia raised production by 150,000 barrels a day to 10.68 million a day, the highest in Bloomberg data going back to 1962, while Iranian volumes slipped by 10,000 barrels a day to 3.42 million.
Meanwhile, gasoline and distillate fuel inventories fell 4.8 million barrels and 2.3 million barrels, respectively, which bolstered oil prices.
What's more, EIA said the higher crude oil prices at the end of 2018 and in 2019 will likely support increased global crude oil production. Crude Oil price could turn range bound in week ahead as investors now patiently wait to observe impact of USA sanctions on Iranian crude oil and updates on Sino-U.S. trade related talks as positive outcome would be good for Crude oil since China is the biggest importer of Crude oil in the world. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once U.S. sanctions are imposed.
"I do not speak about the oil sales and the (impending U.S.) sanctions", he stressed.
While the current market outlook is for slower global demand while economic growth eases, the possibility still remains that growth doesn't slow notably and current oil stocks and output levels won't be enough to satisfy demand.
"The market's reaction isn't strongly negative because the US administration hasn't actually gone soft on Iran", said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA.
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U.S. monthly crude oil production exceeded 11 million barrels per day (b/d) in August 2018, making the country the leading crude oil producer in the world, the U.S. Energy Information Administration (EIA) said on Thursday.
Investors will look to official government data on US inventories due on Wednesday.
Oil prices steadied on Friday after a week of heavy falls as markets braced for the imposition next week of US sanctions on Iran, which Washington hopes will halt exports of Iranian oil.
"A lot of folks like to trade crude oil and other commodities to get away from the correlations you have in the stock market", said Kilduff, a CNBC contributor. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.
Bears guarding $ 64 barrier, as rising global supplies continue to weigh.