Coronavirus cases continue rising in the United States, and deaths are at more than a 1,000 a day, while dozens of states have had to pause or scale back plans to reopen their economies.
The US Labour Department issued a statement that 1.8 million jobs were added to the market in June and the unemployment rate has dropped to 10.2%.
US factory data this week also showed an improvement in orders, which some analysts took as a hint of economic recovery.
Iraq has been a laggard in fully meeting its pledge.
Oil in NY is poised for the biggest weekly advance since early July after U.S. stockpiles plunged further, but the market is facing more Opec+ supply and still contending with virus-driven demand weakness.
Analysts such as Commerzbank's Eugen Weinberg said, "In the medium term the weak demand is likely to weigh more heavily than the positive sentiment [is supportive], which is why we expect prices to correct in the near future".
Saudi Arabia's energy minister and Iraqi energy minister's comments that the two countries will stick to their commitments to OPEC+'s decision to curb oil production helped limit oil's decline.
Prince Abdulaziz is chairman of the OPEC's Joint Ministerial Monitoring Committee and he has been calling for stricter compliance all year and pressuring the countries who have resisted.
On the Multi Commodity Exchange, crude oil for August delivery eased by Rs 2, or 0.06 per cent, to Rs 3,150 per barrel with a business volume of 3,631 lots.
Oil firm Brent Crude LCOcl faced a loss of 1.5% or 69 cents on a barrel, with the price coming down to $44.40/barrel.
"However, the levels are nowhere near that seen in the U.S., which is now on a downward trajectory". The index has dropped for the past three days and is down 0.16% on Thursday.
With global demand still struggling, maintaining prices even at the current levels will be essential rather than face even lower prices.