Investing.com – Oil was lower Friday on profit-taking on the back of a strong rally on output freeze hopes.
Brent was down 8 cents, or 0.16%, at $50.81 at 06:45 ET after a high of $51.22, it highest level since June 22.
U.S. crude for September delivery fell 2 cents, or 0.04%, to $48.20 after a high of $48.74.
Hopes for an agreement among producers to stabilize the market at an informal OPEC meeting slated for next month remain in place.
Former OPEC chief Chakib Khelil told Bloomberg he believes an accord is on the table.
“All conditions are set for an agreement,” Khelil said. “They have gained all the market share they could gain.”
U.S. crude stocks fell last week but concerns of a supply glut continue to overhang the market.
The dollar pared its losses for the week, with the dollar index up 0.3%.
A weaker dollar underpins demand for oil.
Baker Hughes oil count data are due out later Friday. The current count stands at 396.