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West Texas Intermediate Crude was trading up 0.31 per cent at $71.19, down more than $3 per barrel from last Friday. Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT.

The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

Yet as supply losses deepen in OPEC members Venezuela and Iran, the level of spare production capacity left elsewhere amounts to just 2 percent of global demand and will likely shrink further, it said. In the group's updated oil supply and demand forecasts released Thursday, they cut their demand estimates due to expectations for lower economic growth while supplies should increase from non-OPEC producers, writes Reuters.

Oil pared a weekly loss as investor focus shifted from broader market turmoil spurred by a plunge in USA equities and returned to looming shortages from Iran's dwindling exports.

US light crude dropped $1.42, or 1.9%, to $71.75 USA after hitting a low of $71.63.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing allies such as Russian Federation agreed in June to raise oil output.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other exporters such as Russian Federation agreed in June to raise output as the market appeared increasingly tight.

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Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in USA inventories and fading concerns that looming US sanctions on Iran will cut supplies significantly.

The price of global benchmark Brent crude has slid over $45 a barrel in June 2017 and peaked at over $85 in October.

The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day.

According to data from cargo tracking and intelligence company Kpler, China purchased 1.58 million barrels of heavy Canadian crude oil for loading in September, up by almost 50 percent compared to the 1.05 million barrels it imported from Canada in April.

"The clear risk-off mode that we are seeing across all markets is also hitting oil", said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the USA mainland, leaving seven people least.