International benchmark Brent crude fell by 0.34 percent to $54.97 per barrel on Thursday at 0620 GMT.
American benchmark West Texas Intermediate (WTI) decreased by 0.26 percent to $49.17 at 0620 GMT.
Global oil supply decreased by 720 thousand barrels per day in August to 97.7 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s (IEA) Wednesday report.
"The 12 members bound by OPEC’s supply pact raised their compliance rate to 82 percent from 75 percent during July," the agency reported.
The U.S.' Energy Information Administration (EIA) said it expects Brent crude price to average $51 per barrel for 2017, while WTI is anticipated to average $49 a barrel.
For 2018, Brent is estimated to average $52 a barrel, while WTI is forecast to average $50 per barrel.
Crude stocks increased for the second week in a row in the U.S. by 5.9 million barrels, or 1.3 percent, to 468.2 million barrels, for the week ending Sept. 8, the EIA announced Wednesday.
The agency added that crude oil production increased by 572,000 barrels per day to 9.35 million bpd, for the week ending Sept. 8.
Shortly after the release of the EIA data, oil prices increased. WTI reached $48.95 a barrel, while Brent crude rose to $54.83 per barrel around 1500 GMT on Wednesday.
By Zeynep Beyza Kilic
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