Traders said prices rallied when industry information provider Genscape reported that crude inventories at Cushing, Oklahoma, delivery hub for US crude, dropped 1.1 million barrels since Friday, July 27.
Concerns about demand from China also increased Friday as state oil major Sinopec cut its purchases of USA crude. Over the past four weeks, crude oil imports averaged 8.00 million barrels per day, or 0.4 percent higher than the same four-week period previous year.
Oil prices sank to the lowest in over one month, as rising United States (U.S.) inventories, higher output from the Organisation of Petroleum Exporting Countries (OPEC) and Russia's pressure impact the market.
Low stocks were still providing a floor as overall USA crude inventories are below the 5-year average of around 420 million barrels.
Temperatures staying very high in red-hot Europe
And as we move into the weekend the mercury will remain high , as blisteringly hot weather sweeps in from Spain and Portugal. Ladbrokes also cut odds on August highs beating Britain's 38.5C (101.3F) record, set on August 10, 2003, at Brogdale, Kent.
The West Texas Intermediate (WTI) for September delivery lost 0.47 US dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.
"The increase in production is aimed at maintaining stability of the (global) oil market within the framework of joint actions of OPEC and non-OPEC countries", Novak said.
"Oil has been rebounding every time prices fall to near $68 since mid-July", Makiko Tsugata, a senior analyst at Mizuho Securities Co., said by phone.
Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.
Turkey 'will retaliate' over USA sanctions as crisis grows
Davutoğlu said the US decision is a risky move and "incompatible with the most simple diplomatic courtesy and mutual respect". He said due to "one-sided" reports of credit rating institutions, Turkey tends towards China in external borrowing.
USA nonfarm payrolls rose in July but the US trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill. Although the sanctions don't officially take effect until November, Iran is already seeing customers flee as the US imposes penalties on buyers after Trump quit a nuclear accord with the country. "There continues to be a concern that we might see a widening of the sanctions against China".
"There are a lot of escalation points that could occur very quickly and that worries me", Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney, said.
Meanwhile, trade war concerns have resurfaced again on reports the Trump administration is planning to propose a 25% tariff on goods worth over $200 billion imported from China, instead of the original proposal for a 10% levy.
American oil production in May actually inched down from April by 0.3 percent, according to EIA's Monthly Crude Oil and Natural Gas Production report.
Alex Iwobi Pens Long-Term Deal At Arsenal
Alex Iwobi came through the Gunners' academy and was handed his first-team debut by Arsene Wenger almost three years ago. Arsenal head coach Unai Emery welcomed the news, adding: " I'm very pleased Alex has signed a new contract with us ".
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