Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world's top oil producers would demonstrate compliance to a global output cut deal, but a larger than expected rise in weekly US crude stocks capped gains.
Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as US drillers increased activity for a 10th straight week.
US oil futures held above $50 per barrel on Friday as the entire crude forward curve pushed above that level in a sign that financial markets have increasing confidence in the sector.
Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers.
Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
Oil prices extended losses in Asia Wednesday on the back of a strong dollar while reported comments by Iran's oil minister that his country planned to boost output ramped up oversupply worries.
Oil prices extended their decline in Asia Tuesday as the global glut returned to focus, while worries about the effects of Turkey's coup on shipments also eased.
Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.