Crude Pares Early Gains in Light Trading (OIL)

iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and United States Oil Fund (NYSE: USO) are lower Friday amid light trading as supply and demand concerns weigh.

Japan said its crude imports fell 17.3 percent last month to 3.08 million barrels per day. The news followed a U.S. Department of Energy report earlier in the week showing a 7.3 million barrel increase in crude inventories.

Japan is the fourth-largest consumer of crude globally.

Further, fighting in Libya has cut output by 352,000 barrels per day, according to Reuters, citing a state spokesman on the news.

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