WTI, Brent crude oil futures settle higher

Brent crude futures dipped 9 cents at $50.88 a barrel at 0950 GMT, after rising about 1.5 percent in the previous session.

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in US inventories and OPEC's ongoing efforts to curb production.

According to the source, the price for September Futures WTI oil increased by 1,09%, which is $47,88 per barrel on the New York Mercantile Exchange (NYMEX).

USA oil drillers added two rigs in the most recent week, the third week of gains, raising the overall rig count to 766.

Oil prices were also supported by Saudi Arabia's pledge to cap its exports earlier this week.

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Oil prices had rallied over 8 percent this week, the best weekly gain this year.

Yesterday, the EIA once again helped to lift oil market spirits by reporting another hefty decline in US commercial crude oil inventories for the week ending July 21.

"Both markets are seeing a strong move in spreads through most of 2017 and 2018 due to shorts covering into heavy producer flow", said Scott Shelton, broker at ICAP in Durham, North Carolina. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos.

Despite some bullish signs, "the latest price rise is on a fragile footing", Commerzbank analysts contend, noting OPEC production likely would rise in the coming months as the group has not officially capped output from Libya and Nigeria. In the prior week, the North American Rig Count was 1156 and U.S. rig count was 950.

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