International benchmark Brent crude oil price decreased by 0.61 percent to $55.31 while U.S. WTI fell by 0.51 percent to $53.09 at 12:39 GMT on Friday.
Oil supply in the U.S. continued to rise to a larger-than-expected quantity, reported by American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) on Tuesday and Wednesday respectively.
API reported an increase of 9.9 million barrels in domestic crude oil supplies for the week ended Feb. 10. Analysts were anticipating a crude oil inventory build of 3.2 million barrels.
On Wednesday, EIA said stocks grew by 9.5 million barrels to 518.1 million barrels.
Prices remain lower ahead of the oil rig count data from Baker Hughes that will be released later in the day.
Last week, the oilfield service provider said the rig count increased by 8 to 591, the most since October 2015.
Prices are expected to soar once OPEC's daily output cut of 1.2 million barrels and non-OPEC commitment of 600 barrels per day is reflected in the market's data.
The cartel already looks to be following the agreement closely, at 90 percent efficiency, according to International Energy Agency's report on Feb. 10. OPEC's report at the beginning of the week also supported this outlook, calculating the group's output for January at 32.14 million barrels per day.
On Nov. 30, OPEC agreed to lower output to 32.5 million b/d as of January 2017.
By Zeynep Beyza Kilic