Oil prices fell on Friday on concerns over rising U.S. supplies and as traders begin to pull out crude barrels from pricey storage.
Book squaring ahead of the weekend and ahead of upcoming Feb. 28 expirations in Brent futures for April delivery, heating oil for March delivery, and March RBOB gasoline, also pressured prices, analysts and traders said.
U.S. West Texas Intermediate settled down 46 cents at $53.99 a barrel, ending the week's trade 1.1 percent higher.
Benchmark Brent crude oil was down 58 cents at $56 a barrel by 2:35 p.m. ET (1935 GMT). The contract was on pace for a slight weekly gain.
The latest sign of renewed U.S. production came on Friday after oilfield service firm Baker Hughes reported its weekly count of U.S. oil rigs topped 600 for the first time since October, 2015. Last week, drillers added 5 oil rigs.