Investing.com - Oil rose Friday as Chinese GDP growth beat expectations, with the latest U.S. rig count data on tap.
Brent crude was up 75 cents, or 1.38%, at $54.91 at 07:45 ET. U.S. crude gained 65 cents, or 1.25%, to $52.77.
China's fourth quarter GDP growth came in at 6.8% compared with a forecast of 6.7% boosting expectations of healthy demand for oil.
Official U.S. crude inventories unexpectedly rose in the latest week when they were forecast to fall.
OPEC and non-OPEC producers have agreed to cut output by some 1.8 million barrels a day in the first half of this year.
The International Energy Agency Thursday said it sees the market tightening in the wake of the cuts.
But it warned that higher prices could encourage increased activity by U.S. shale producers.
Baker Hughes rig count data are due out later in the session.