U.S. crude futures closed higher on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria.
U.S. oil rigs rose by 1 from last week to 675, according to Baker Hughes data, further prodding up U.S. oil futures. Oil rigs still remain down 900 from last year.
Brent was up $2.57, or 5.4 percent, at $50.13 per barrel by 2:43 p.m. EDT. It settled $4.42 higher at $47.56 on Thursday.
U.S. crude settled up $2.66, or 6.25 percent, at $45.22, after trading over 20 percent off its Monday lows of $37.75 a barrel. It ended the previous session up $3.96.
Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S. crude is on track for its first weekly gain in nine weeks and an end to its longest losing streak since 1986.
Global oil markets have fallen by a third since May and are still well under half their value a year ago thanks to a huge oversupply of fuel and sluggish demand. Worries over China's economy have compounded the falls in recent weeks.
But analysts said oil markets fell too far, too fast and a rebound was in the cards. A stock market rise, strong U.S. growth data and a pipeline outage in Nigeria provided an excuse for a recovery on Thursday, they added.