Oil prices hovered around $50 a barrel amid early signs that a persistent rise in US crude production may be slowing.
The international benchmark LCOc1 settled down 7 cents at $49.61 per barrel.
US West Texas Intermediate (WTI) crude futures CLc1 were trading up 1 cent at $47.08 a barrel.
Both contracts traded lower earlier in the session as many traders closed positions ahead of the US Independence Day holiday on July 4.
Brent also faced technical resistance as it approached $50, traders said.