Oil prices rose on Friday from early losses, with traders citing potentially more bullish investor positioning for the second half of the year and after a weaker dollar that boosted most commodities.
The market also found some support after falling more than 3 percent on Thursday as traders booked profits at the end of the best quarter in seven years. Crude prices had jumped 25 percent over the past three months.
Also on Friday, oilfield services firm Baker Hughes reported the number of rigs operating in the United States rose by 11 to a total of 341, marking the fourth increase in five weeks. At this time last year drillers were operating 640 rigs.
Volumes in key Brent and U.S. crude futures were significant for New York's morning trade despite the hesitation typically common before a long weekend. U.S. financial and commodity markets will be closed on Monday for the Independence Day holiday.
Global benchmark Brent crude futures were up 68 cents at $50.40 a barrel.
U.S. West Texas Intermediate (WTI) crude settled 1.37 percent higher, or 66 cents, at $48.99 a barrel and posted a quarterly gain of 28 percent.