On Friday crude oil futures slid lower, as worries over a global supply glut undermined sentiment and after data on Thursday showed that oil supplies in the U.S. rose to the highest level on record.
On the New York Mercantile Exchange, U.S. crude oil for delivery in April traded $0.13 or 0.25% higher to $51.70 a barrel during European early afternoon trade.
Prices plunged $0.99 or 1.87% on Thursday to settle at $51.83. Futures were likely to find support at $49.82, Thursday's low and resistance at $54.22, the high from February 18.
On the ICE Futures Exchange in London, Brent oil for March delivery inched down just $0.01, or 0.01%, to hit $60.21 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $8.51.
Oil prices were pressured after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.7 million barrels in the week ended February 13, compared to expectations for an increase of 3.3 million barrels.
Total U.S. crude oil inventories stood at 425.6 million barrels as of last week, the most on records dating back to August 1982.
The data also indicated that total motor gasoline inventories increased by 0.5 million barrels, compared to expectations for a gain of 0.2 million, while distillate stockpiles decreased by 3.8 million barrels.
In recent months, oil prices have dropped steeply as the Organization of Petroleum Exporting Countries decided not to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.
In the meantime, market players kept an eye on developments in Greece as another round of talks with eurozone finance ministers was set to take place on Friday after Germany rejected a proposed bailout extension request from Greece. Greek authorities included a pledge to maintain "fiscal balance" for a six-month period, in order to give it time to reach a new agreement on growth over the next four years with its partners in the euro zone, Reuters reported.
However, Germany said it was "not a substantial proposal for a solution" and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday.
