Crude oil prices are trying to balance the risks to oil supply versus the risks to demand.
U.S. West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.3 percent, at $66.81 per barrel.
Futures for September delivery increased 1.2 per cent to 519 yuan (S$104) a barrel on the Shanghai International Energy Exchange.
While demand is deteriorating on the back of global trade tensions, slowing economic growth as well as liquidity concerns and has led to profit booking in the energy counter; on the other hand, a strong dollar and over-supply concerns are making a further dent on prices.
Brent for October settlement was up 0.2 percent at $72.93 a barrel on the London-based ICE Futures Europe exchange, and traded at a $5.95 premium to WTI for the same month.
Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.
Chinese oil importers are shying away from buying US crude as they fear Beijing's decision to exclude the commodity from its tariff list in a trade dispute between the world's biggest economies may only be temporary.
Trade tensions with the USA have weakened currencies in emerging markets as investors pull cash out of countries like India and China and convert it to US dollars, which are still seen as a safe haven.
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The deal effectively increases combined oil output by 1 million barrels per day (bpd).
In America, the number of working oil rigs rose by 10 to 869 last week, the highest level since March 2015, Baker Hughes data showed.
"The high crude prices appear to have been taking a toll on demand", said Sukrit Vijayakar, Director of Indian oil consultancy Trifecta.
Oil futures fell more than $2 a barrel on Wednesday after data showed USA crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
Despite the cautious mood in oil markets, bullish sentiment found some support from expectations that US sanctions against Tehran would restrict Iranian crude exports, tightening global supply.
Iran's state news agency IRNA reported that an "informed source" inside the country's oil ministry did not provide extensive details and sought to downplay the move as common industry practice.
Opec, the cartel that pumps about a third of the world's oil, said its modelling suggested "that the tariffs, under the most likely case, will not have a significant..."
Earlier this summer, President Trump ratcheted up pressure on OPEC and the Saudis, the world's largest oil exporter, to boost production.