US West Texas Intermediate (WTI) crude futures fell 55 cents, or almost 1.4%, to $39.74 a barrel by 0545 GMT, Brent crude futures fell 44 cents, or 1%, to $41.96.
The UAE’s Supreme Petroleum Council (SPC) said the resources are estimated at 22 billion barrels and an increase of conventional oil reserves by 2 billion barrels.
US West Texas Intermediate (WTI) crude futures slipped 17 cents, or 0.41%, to $41.78 a barrel by 0651 GMT, while Brent crude fell 17 cents, or 0.38%, to $44.92. Both contracts had traded higher earlier in the day.
Brent crude futures edged 3 cents, or 0.1%, lower to $41.41 a barrel at 0637 GMT, reversing earlier small gains. US West Texas Intermediate (WTI) crude futures for October, due to expire on Tuesday, slipped 4 cents, or 0.1%, to $39.27 a barrel. The more active November contract shed 3 cents, or 0.1%, to $39.51.
Brent crude was down 15 cents, or 0.4%, at $39.91 a barrel by 0639 GMT, after falling nearly 2% on Thursday, while US crude dropped 7 cents, or 0.2%, to $37.23 a barrel, having fallen 2% in the previous session.
US West Texas Intermediate (WTI) crude futures dipped 4 cents, or 0.1%, to $38.01 a barrel at 0657 GMT, after climbing 3.5% on Wednesday.Brent crude futures edge up 2 cents, or 0.05% to $40.81 a barrel, after rising 2.5% on Wednesday
Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in India and elsewhere.
Oil prices rose on Tuesday as Opec+ sources said the producer group would stick to existing plans to boost oil output slightly from May 1, suggesting they do not see a lasting impact on demand from India’s coronavirus crisis.
Brent crude futures for June edged down 2 cents to $63.18 a barrel by 04:50 GMT while US West Texas Intermediate (WTI) crude for May was at $59.70 a barrel, up 10 cents, or 0.2%.