U.S. crude broke a four-day losing streak in thin trade on Friday, but posted a weekly loss as concerns persisted over an excess of crude.
In the United States, West Texas Intermediate (WTI) crude futures settled 27 cents higher at $47.97 a barrel on Friday, but ended the week 1.7 percent lower. About 225,000 WTI contracts had changed hands, lower than average.
Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.88 per barrel at 2:35 p.m. ET (1835 GMT), up 32 cents from their last close but on track for a 1.7 percent decline.
The latest U.S. drilling rig count by Baker Hughes showed a 10th straight weekly rise, with U.S. drillers adding 21 oil rigs. The total stood at 652 oil rigs, versus 372 at this time last year.
Oil has been on the back foot for more than two weeks now, after a string of U.S. inventory reports suggested that output cuts by the Organization of the Petroleum Exporting Countries were not having the desired effect in reducing global oversupply.