Investing.com - Oil was lower Friday on profit-taking in subdued pre-holiday trade.
Brent crude shed 69 cents, or 1.25%, to $54.36 at 07:15 ET. U.S. crude lost 65 cents, or 1.23%, to $52.30.
The market is being underpinned by agreed output cuts by major producers.
OPEC has agreed to cut output by 1.2 million barrels a day and non-OPEC producers by 558,000 barrels.
Baker Hughes U.S. rig count data are due out later Friday.
Investors are looking to see if North American shale activity increases as a result of higher prices.
The dollar index edged lower. A weaker dollar boosts demand for oil.