By 0657 GMT, Brent crude futures were four cents lower than their latest close at $ 47.70 a barrel.
WTI futures fell 3 cents to $ 45.46 a barrel.
The declines came after Lazlo Farrow, chief economist at the International Energy Agency, said oil markets were still suffering from oversupply.
“There is no doubt that the market is oversupplied in the short term,” Faro told Reuters on Thursday in Tokyo, partly because of higher production from Kazakhstan’s giant Kashagan oilfield.
The Organization of the Petroleum Exporting Countries (OPEC) said late on Wednesday that the world would need 32.20 million barrels per day of crude from its members next year, down 60 thousand barrels per day compared to this year as consumers find increased options from non-OPEC supplies.
Despite the surplus production, there are signs of a gradual decline in global inflation.
China imported 212 million tons of crude oil equivalents to 8.55 million bpd in the first six months of the year, up 13.8 percent from the same period in 2016, making China the largest importer of crude oil before the United States, customs data showed on Thursday.