Investing.com - Oil Friday steadied after hitting three-month lows on U.S. supply worries.
U.S. crude struggled to recover the $50 mark. It was up 19 cents, or 0.39%, at $49.47 at 05:45 ET.
Oil looks on track to post its biggest weekly losses since November.
Oil posted steep losses after the EIA reported another big rise in U.S. crude stocks.
U.S. crude inventories currently stand at a record 528.4 mn barrels.
The jump in U.S. stockpiles held sway over agreed output cuts by major producers.
OPEC and non-OPEC producers are aiming to cut output by 1.8 mn bpd in the first half.
Compliance levels with reining in production have so far been encouraging.
Attention now turns to Baker Hughes rig count data later in the session.