Oil prices were little changed on Friday, as evidence that U.S. production was still rising overshadowed hopes that the global crude glut would diminish on expected production cut extensions from OPEC and other producing countries.
A weekly report by Baker Hughes showed American drillers added oil rigs for the 17th straight week in a row. The number of rigs drilling for new production jumped by 9 to a total of 712, versus 318 at this time last year.
U.S. West Texas Intermediate (WTI) crude oil futures ended Friday's session at $47.73 per barrel, eking out a 1 cent gain on the day and posting the biggest weekly gain in six weeks.
Brent crude futures, the international benchmark for oil prices, rose 6 cents to $50.83 per barrel by 2:36 p.m. ET (1836 GMT) on Friday.
On Thursday, oil prices rallied as a larger-than-expected weekly draw in U.S. crude inventories of 5.3 million barrels suggested that output cuts by OPEC and other producers were helping reduce a global glut in crude, analysts said.