West Texas Intermediate futures for March delivery declined to $32.77 (-0.49%), while Brent crude fell to $34.10 (-0.53%) as concerns over the global supply glut outweighed optimism about the latest deal between Russia, Saudi Arabia, Venezuela and Qatar.

Renewed concerns were driven by data from the Energy Information Administration. Last week U.S. crude oil inventories rose by 2.1 million barrels to 504.1 million barrels marking the third week of record highs.

On Thursday Iraqi oil minister said that OPEC and non-OPEC members will continue searching for a way to improve conditions in the market. However most analysts point to Iran, because its officials made clear multiple statements that Tehran wants return to its pre-sanctions output level.