Brent futures settled at $63.72 per barrel, down 62 cents.
West Texas Intermediate for January delivery rose 13 cents to $58.89 a barrel on the New York Mercantile Exchange as of 7:20 a.m. London time. "They want it, and so do we".
For the full-year 2020, OPEC left its forecasts of global oil demand and non-OPEC supply unchanged from its projections last month. The focus now shifts to trade ahead of a Sunday deadline for the imposition of US tariffs on Chinese goods.
However, the limit of 15 Des for the next round of USA tariffs on Chinese imports weighed on the market.
China's commerce ministry said Beijing and Washington were in close communication, declining to comment on possible retaliatory steps if Trump imposes the extra tariffs.
"Despite the voluntary restraint from OPEC, world oil markets remain well supplied ... with non-OPEC output expected to rise by well over 2 million BPD next year, with big increases in the U.S., Brazil, and Norway", said Henning Gloystein, director of global energy and natural resources at Eurasia Group in a note.
Efforts by the Opec cartel of oil-producers and their allies to curb output could fail to have an impact, the International Energy Agency (IEA) said.
Barkindo assured that the oil produced and exported by Venezuela belongs to the entire world; 'as a great producing country and nation with the largest proven hydrocarbon reserves, Venezuela's role in the secure supply of crude oil is fundamental, ' he emphasized.
"A week ago, OPEC surprised with less oil than expected", said Olivier Jakob, managing director at consultants Petromatrix GmbH in Zug, Switzerland.
OPEC, Russia and nine other allies last week ratified new output caps for the first three months of next year, with OPEC agreeing to slash 372,000 bpd of production.
But higher prices have also boosted USA shale and other rival supplies.
The European Central Bank also kept its ultra-easy monetary policy unchanged on Thursday, even keeping the door open to more stimulus.
OPEC and allied oil producers led by Russian Federation last week made a decision to deepen supply cuts amid a weak outlook for oil demand growth next year.
According to the EIA, total motor gasoline inventories increased by 5.4 million barrels last week and were about 5 percent above the five-year average for this time of year.
Analysts blamed much of the dip in gasoline demand on winter storms that brought heavy snow to several states, making many roads unfit for driving.