Oil prices fell on Thursday, on concerns of lingering global oversupply as Russia considered a future output resumption and OPEC boosted its July production numbers.
Russian oil producer Gazprom Neft considers it "economically feasible" to resume production in mature fields after a global agreement among OPEC and non-OPEC expires, a representative of the company said.
Brent crude, the global benchmark, was up 86 cents, or .16 percent, at $51.85 at 2:32 p.m. ET (1646 GMT), after striking an 11-week high at $53.64. U.S. West Texas Intermediate (WTI) crude ended Thursday's session down 97 cents, or 2 percent, to $48.59, after briefly jumping above $50 a barrel.
OPEC on Thursday raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, although another increase in the group's production suggested the market will remain in surplus despite efforts to limit supply.
OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources.