Oil prices rose on Friday, posting a second week of gains on growing expectations that OPEC and other producing countries will agree at a meeting next week to extend crude output cuts.
U.S. benchmark crude oil ended Friday's session 98 cents, or 2 percent, higher at $50.33 a barrel, the first time it has settled above $50 in more than four weeks. Brent crude was up $1.10, or 2.1 percent, at $53.61 by 2:35 p.m. ET (1835 GMT).
Both benchmarks slipped back from near session highs after a report that U.S. energy companies added oil rigs again in the latest week.
Energy services firm Baker Hughes said U.S. drillers added oil rigs for an 18th week in a row, the second-longest streak of weekly additions on record.