Oil prices rose on Friday, retracing much of the week's losses, which were stoked by concerns about oversupply.
U.S. light crude ended Friday's session up $1.41, or 2.6 percent, to $56.55 a barrel. Benchmark Brent crude oil was up $1.23, or 2 percent, at $62.59 a barrel by 2:27 p.m. ET (1827 GMT), recovering ground after five sessions of losses.
"After five days of continuous losses, an upside correction is always on the cards. Such a jump, however will not mean a change of heart," said Tamas Varga, analyst at brokerage PVM Oil Associates.
A 5,000-barrel oil leak in South Dakota — that led TransCanada Corp to shut part of its Keystone pipeline system on Thursday — added to the bullish tone, PVM said.
But oil prices still posted their first weekly decline in six weeks, as signs of rising U.S. output were compounded by doubts that Russia would support an OPEC deal to extend curbs on production.