U.S. crude prices posted solid gains this week, as the International Energy Agency (IEA) reported a surplus of crude supply was starting to decline.
The report said global oil demand grew very strongly year-on-year in the second quarter of 2017, by 2.4 percent.
The demand growth of the Organization for Economic Cooperation and Development (OECD) continues to be stronger than expected, particularly in Europe and the United States.
Global oil supply fell in August due to unplanned outages and scheduled maintenance, mainly in non-OPEC countries, which is the first decline in four months.
Meanwhile, the U.S. dollar held losses on Friday, making oil more attractive for investors holding other currencies.
The dollar index, which measures the greenback against six major peers, was down 0.23 percent at 91.913 in late trading.
On the data front, the number of rigs operating in U.S. oil fields fell by seven to a total of 756 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.
The West Texas Intermediate for October delivery was unchanged to settle at 49.89 dollars a barrel on the New York Mercantile Exchange on Friday, while Brent crude for November delivery rose 0.15 dollar to close at 55.62 dollars a barrel on the London ICE Futures Exchange.
The report said global oil demand grew very strongly year-on-year in the second quarter of 2017, by 2.4 percent.
The demand growth of the Organization for Economic Cooperation and Development (OECD) continues to be stronger than expected, particularly in Europe and the United States.
Global oil supply fell in August due to unplanned outages and scheduled maintenance, mainly in non-OPEC countries, which is the first decline in four months.
Meanwhile, the U.S. dollar held losses on Friday, making oil more attractive for investors holding other currencies.
The dollar index, which measures the greenback against six major peers, was down 0.23 percent at 91.913 in late trading.
On the data front, the number of rigs operating in U.S. oil fields fell by seven to a total of 756 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.
The West Texas Intermediate for October delivery was unchanged to settle at 49.89 dollars a barrel on the New York Mercantile Exchange on Friday, while Brent crude for November delivery rose 0.15 dollar to close at 55.62 dollars a barrel on the London ICE Futures Exchange.
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