Oil prices rose modestly on Friday as hopes for a reduction in the supply of crude in global markets were boosted as US inventories fell and support for OPEC's continued supply cut continued.
Brent crude futures were up 7 cents to $ 50.84 a barrel, while US light crude was up 1 cent to $ 47.84 a barrel.
According to Reuters, oil prices rose on Thursday with a lower than expected US crude inventories on a weekly basis of 5.3 million barrels, which is a sign that OPEC and other producers cut production helps to reduce the breadth of crude supply in global markets.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers will meet on May 25 to decide whether or not to extend their production cut-off agreement in November. Saudi Arabia has said it expects an extension to the end of 2017 or perhaps beyond.
According to data published by Baker Hughes on Friday, US companies increased the number of oil rigs for the seventeenth week in a row by nine excavators to 712 platforms.
US oil production has risen more than 10 percent since mid-2016 to more than 9.3 million bpd, near the production levels of Russia and Saudi Arabia, the two largest producers