Oil prices rose after a strong U.S. jobs report bolstered hopes for growing energy demand, but crude posted a small weekly decline, pressured by rising OPEC exports and strong output from the United States.
U.S. employers hired more workers than expected in July and raised their wages, the Labor Department reported.
U.S. West Texas Intermediate (WTI) crude futures finished Friday's session up 55 cents, or 1.1 percent, to $49.58 per barrel. Brent crude futures, the international benchmark for oil prices, were up 20 cents at $52.21 a barrel at 2:02 p.m. ET (1802 GMT).
"Oil prices were supported by good news this morning on the U.S. jobs front," said Andrew Lipow, president of Lipow Oil Associates in Houston, noting gasoline and diesel demand also remained strong.
Oil futures held their gains after Baker Hughes reported its weekly count of oil rigs operating in the United States fell for the second week in three. The count ticked down by 1 oil rig to 765.