Oil prices traded lower on concerns about a global oil glut. Market participants fear stabilising oil prices to encourage production.

Investors are awaiting the release of the number of U.S. oil rigs later in the day. According to Baker Hughes Inc., the number of U.S. oil rigs dropped 58% since October 2014. But the pace of reduction slowed in the last weeks.

Investors also monitored closely rising tension in the Middle East as Iranian patrol boats on Thursday opened fire on a Singapore-flagged tanker in the Strait of Hormuz.

WTI crude oil for June delivery fell to $58.42 a barrel on the New York Mercantile Exchange. Brent crude oil for June decreased to $66.07 a barrel on ICE Futures Europe.