Investing.com - Oil was higher Friday but global supply glut concerns persisted.
U.S. crude was up 33 cents, or 0.69%, at $48.03 at 08:00 ET. Brent crude added 25 cents, or 0.49%, to $50.81.
Market volatility has been marked by the merits of compliance with output cuts by major producers set aside higher U.S. inventories and supply.
U.S. crude inventories currently stand at a record 533.1 million barrels.
||Baker Hughes}} rig count data are due out later in the session.
The market received some support from a report Saudi Arabia is expected to reduce oil shipments to the U.S. this month.
OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day in the first half.
The adherents to the agreement are due to meet this weekend in Kuwait to discuss compliance with the cuts.
No decision on an extension of the accord beyond June is expected until May.
Despite Friday's bounce back, oil remained on track for its third straight weekly loss.