Investing.com - Oil seesawed Friday as it struggled to recover from a slump overnight as an OPEC-led deal on extending output cuts disappointed.
U.S. crude was off 32 cents, or 0.65%, at $48.58 at 08:00 ET. Brent shed 37 cents, or 0.72%, to $51.09.
The market had already priced in the nine-month extension to output cuts to March of next year agreed Thursday by OPEC and non-OPEC producers.
The scale back remains at the 1.8 million barrels a day agreed for the first half of this year.
Investors are questioning to what extent the deal will encourage a further rise in U.S. shale activity and what happens after the deal expires next year.
U.S. production has increased by over 10% since mid-2016 to some 9.3 million barrels a day.
Baker Hughes rig count data are due out later in the session.