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Oil prices slipped in early Asian trade on Friday, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand.

Oil dips as investors torn by tight supply worries and recession fears

Oil prices fell about $1 on Friday, ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the United States.

Oil slides before consumer nations' meeting on stocks release

Oil prices extended declines on Thursday, pushing U.S. futures below $80 a barrel, after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of U.S. sanctions on Iranian oil, increasing global supplies.

Oil extends decline after Iran, world powers set date for nuclear talks

Oil prices climbed on Friday on increasing signs of tight supply over the next few months as rocketing gas and coal prices stoke a switch to oil products.

Oil prices rise on tight supply, set for weekly gain of more than 2%

Brent increased about 9.3&nbsp; percent &nbsp;for the week, while WTI rose about 5.8&nbsp; percent .

Fuel price: Oil rises on China-U.S. talks, gains capped by U.S. fuel build

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran`s oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

Oil drops as U.S. considers granting some waivers on Iran crude sanctions

Brent crude futures were at $62.37 per barrel by 1002 GMT, down 35 cents on the day, while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $56.48 a barrel.

Oil eases as traders and investors grow edgy ahead of OPEC meet 

The dollar also drew support from strong U.S. durable goods orders data that cemented expectations the Federal Reserve is on course to raise interest rates for the third time this year in December.

Global markets: Stocks, bond yields, dollar up after Trump tax plan

Strong start to summer driving season pushes U.S. oil towards $50

"So far OPEC`s strategy to draw down inventories has not worked ... It seems obvious to us that OPEC will need to keep the cuts in place for longer than the next 6 months if their strategy is to have any chance of success," Neil Beveridge, senior oil and gas analyst at AB Bernstein in Hong Kong said in a note to clients on Friday.

Oil prices pinned near five-month low as supply glut weighs