Oil prices retreat ahead U.S. oil rigs data

Oil prices widened their losses in European trade on Friday under pressure from U.S. oversupply concerns, specially after crude stocks rose to new record highs last week, and ahead of the oil rigs count data later today.
 
As of 12:55 GMT, U.S. crude fell to $54.05 a barrel from the opening of $54.34, with an intraday high at $54.49, and a low at $53.96.
 
Brent crude fell to $56.10 a barrel from the opening price of $56.38, with a session-high at $56.65, and a low at $56.01.
 
U.S. crude April futures closed up 0.9% yesterday, while Brent April futures added 0.5%.
 
The gains came after news from the the technical committee that coordinates between OPEC and other producers pointed to an 86% enforcement rate to the production deal in January.
 
The Energy Information Administration's U.S. inventory report yesterday showed a rise of 0.6 million barrels in the week ending February 17, below expectations of a 3.4M rise, and marking the seventh weekly rise in a row.
 
According to the data, total inventories reached 549.5 million barrels, the highest since records began in 1982, in a negative sign for demand in the world's largest oil consumer.
 
Later today, Baker Hughes will release data on U.S. oil rigs, expected to rise for the sixth week in a row from the current total of 597, already the highest since October 2015.