West Texas Intermediate futures for September delivery climbed to $44.84 (+0.40%), while Brent crude advanced to $49.77 (+0.50%) as market participants paid attention to yesterday's report on U.S. crude stockpiles. However these gains failed to improve the general situation as both crudes are heading for sixth weekly declines. Investors are waiting for U.S. employment data to assess strength of the U.S. economy and timing of an imminent rate increase.

Investors remain focused on global supply glut issues. Crude oil fundamentals could worsen further as the U.S. seems to be getting closer to lifting its 40-year-ban on exports.