Crude oil prices on Friday fell due to fears of surplus of supply globally, despite strong crude imports of China.

Brent crude was up by 10 cents at $65.44, while US crude was down 8 cents at $58.86 a barrel, Reuters reported.

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Crude prices were on the rise during past weeks before levelling at $4 below the 2015 peak, prompting speculation that the crude prices will hover around $70.

"US producers, who have sharply cut down drilling in recent months with falling prices, may ramp up production if prices stay on course."

However, the price of $70 seems an overvaluation given persistent oversupply concerns.

There were also indications that the US producers, who have sharply cut down drilling in recent months with falling prices, may ramp up production if prices stay on course.

Initially due to healthy demand data in Asia, prices stabilised on Friday and later improved as other financial markets rose due to a decisive election victory for ruling Conservative Party in the UK, unexpectedly.

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Prices seemed to have received support as China imported 30.29 million tonnes (mt) of crude oil in April, which represents a 13% increase from 26.81mt in March.

ABN AMRO senior energy economist Hans van Cleef told the news agency that the decline in production in recent weeks does not justify the price rise of 30-40%.