Oil hovers near $51 a barrel, on track for a weekly gain

Ani Salama FXStreet

US oil advanced modestly on Friday and hovered near $51.00 a barrel during the New York session after Baker Hughes reported that the number of active US oil rigs rose lin the latest week.

US oil rig count rose by 11 to 443 rigs this week, marking an eighth-straight weekly rise for the oil-rig count.

Crude oil was trading at $50.90 a barrel, up 0.45% on the day, and still on track for a mild weekly gain, the fifth in a row.

Oil prices have been supported by hopes of an output freeze deal that will potentially lift prices. The Organization of the Petroleum Exporting Countries (OPEC) reached an agreement last month to limit production to a range of 32.5 million to 33.0 million barrels per day.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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