While rates of worldwide production have slowly risen, it's unlikely that oil producers will be able to keep up with demand thanks to restrained production in both the United States and Saudi Arabia. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.123 million barrels.
July futures for Brent oil at the London ICE Futures exchange to 8:08 Moscow time has fallen in price on $0,14 (0,18%) to $78,65 per barrel.
US crude futures settled 96 cents, or 1.4 percent, firmer at $72.24 a barrel, after touching $72.33, the highest since November 2014.
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years.
Meanwhile, OPEC may ease oil supply retraints in June, according to Reuters.
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PDVSA a year ago started requesting crude from its joint ventures in the Orinoco Belt, Venezuela's largest producing region, to supply its domestic refineries, which also has reduced the volume of oil available to US customers, including Citgo.
OPEC leaders are expected to meet in Vienna on June 22 to discuss reversing an agreed-upon production decrease that removed 1.8 million barrels per day from the global market.
For Russia, stability is more important than a short-term significant growth in price, he said in the interview.
US refineries produced about 10 million barrels of gasoline a day last week, down by about 500,000 barrels compared to the prior week.
In New York, the Dow slipped 0.4 percent in mid-day trading Friday as falling crude prices dragged energy stocks lower and investors continued to digest the US-North Korea situation and US-China trade. That move is likely to result in higher prices as demand outpaces supply. "With the Saudis now saying they're limiting their production cuts and geopolitical risk already priced in, there is going to be some uncertainty".
The San Antonio, Texas company's imports vaulted it over PDVSA's US refining unit Citgo Petroleum [PDVSAC.UL] as the largest receiver of Venezuelan barrels in the United States this year, the data shows.