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This is due to the growth of OPEC production and exports, the increase in the production of raw materials in the United States.
By 16.43 GMT, futures for Brent crude oil fell 1.24 percent to $ 51.77 per barrel.
Futures for U.S. crude WTI by this time traded at $ 48.91 per barrel, 1.35 percent lower than the previous closing.
OPEC oil exports in July rose to 26.11 million barrels per day, which exceeds the level of shipments of the previous month by 370,000 barrels per day, data of Thomson Reuters Oil Research showed on Thursday.
The OPEC oil cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day until March 2018 to restore the equilibrium of global supply and demand.
On Monday and Tuesday, a meeting of the OPEC Technical Committee will take place in Abu Dhabi, where some participants of the global pact will discuss the execution of the deal.
According to some analysts, OPEC's optimistic statements can help the quotes to develop into a plus.
Among other pressure factors, investors call the high level of oil production in the United States, which for the week by July 28 rose to 9.43 million barrels per day.
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