Brent crude was up 68 cents, or 1.2%, at $58.91 a barrel at 0650 GMT, after falling 2.1% on Thursday and 3% the previous day.
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Brent crude was down 64 cents, or 1 per cent, at $60.66 a barrel at 0446 GMT, after rising 4.7 per cent on Tuesday, the biggest percentage gain since December.
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IOC sold the 35,000-tonne naphtha cargo for Aug. 28-30 loading from Chennai to commodity trader Trafigura at a premium of about $17 a tonne to its own price formula on a free-on-board (FOB) basis after extending the validity of the sales tender by a day, the sources said.
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International benchmark Brent crude futures were down 18 cents or 0.3%, from the previous settlement, to $58.39 a barrel by 0310 GMT.
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Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
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International benchmark Brent crude futures were at $58.35 a barrel by 0249 GMT, down 18 cents, or 0.3%, from their previous settlement.
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India's coal import during June through the major and non-major ports is estimated to have increased by 2.42 per cent over May 2019.
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"The situation is becoming even more uncertain ... global oil demand growth has been very sluggish in the first half of 2019," the IEA said in its monthly report.
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