Oil pulls back after conflicting supply signals

Oil prices were trading in a narrow range Friday in Asia, with few cues for investors after conflicting signals emerged from the U.S. market overnight.

U.S crude oil production fell by 83,000 barrels a day last week to 9.1 million barrels a day, the lowest level since January. That is being seen as a sign that a fall in oil prices is leading to output cuts after months. However, U.S stockpiles continue to rise and remain high.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV5, -0.44%  traded at $45.71 a barrel, down 21 cents in the Globex electronic session. Brent crude on London’s ICE Futures exchange LCOV5, -0.04%  eased 5 cents to $48.84 a barrel.

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