The recent rebound in oil prices seems fragile as the commodity returned to steep losses on Friday, with supply staying high and demand remaining weak.

Futures for WTI dropped 2.05% to trade at $30.56 per barrel, while Brent futures slipped 1.74% to $30.52 per barrel.

Losses returned to the oil market after prices firmed to around $31 per barrel on Thursday. According to the latest predictions the current oversupply is due to remain until the late 2017 keep prices only slightly above their 12-year lows.

The report on the US oil rig count will be reported later on Friday. Last week 516 rigs remained operational, a decline of 64% from a year ago, and down from a peak of 1,609 in October 2014.

OPEC is scheduled to release its monthly market report on Monday. Several OPEC members have been calling for an emergency meeting to cope with sliding oil prices, but this suggestions are always slapped down by major producers.

Meanwhile China, a key global oil consumer, stays in the market spotlight amid signs of an economic slowdown. A set of important economic data will be released next week and is expected to impact the trading mood.