U.S. crude oil closed higher on Friday after oilfield services firm Baker Hughes reported its oil rig count rose for a fourth straight week.
The number of rigs drilling for oil in the United States rose by 2 from the previous week, bringing the total to 672. Drillers had 1,589 rigs online at this time last year.
U.S. crude was closed up 27 cents, or 0.6 percent, at $42.50 a barrel, after hitting an intraday low of $41.35, its lowest since March 4, 2009.
The lowest U.S. crude price in the aftermath of the financial crisis occurred on January, 2009, when WTI dipped to $33.20 per barrel, falling 77 percent fall from it peak near $147 in July, 2008.
Brent crude traded at $48.90, down 30 cents and some way off its 2015-low of $45.19 reached in January. The front-month September Brent contract expires on Friday.
U.S. benchmark crude steadied earlier on Friday after falling to its lowest in almost 6½ years as huge stockpiles and refinery shutdowns heightened concerns about global oversupply.
Oil had already tumbled more than 3 percent on Thursday, driven by a report that stocks at Cushing, Oklahoma, the delivery point for U.S. crude futures, rose more than 1.3 million barrels in the week to Aug. 11.
U.S. crude is much weaker than the North Sea benchmark, partly due to a spate of refinery outages that has sapped U.S. demand. The largest of those refineries—BP PLC's 413,500 barrels per day (bpd) facility in Whiting, Indiana, also the biggest in the U.S. Midwest—has been forced to shut two-thirds of its capacity for repairs to a leak that could last a month or more.