Investing.com - Oil retreated Friday after early gains on profit-taking ahead of the holiday weekend in the U.S.
U.S. crude was down 31 cents, or 0.64%, at $48.02 at 06:45 ET after a high of $48.67.
Brent crude gave up 0.66% to $49.38 after touching the $50 mark earlier in the session.
Signs of renewed economic weakness in Asia were set against hopes of a tighter physical market.
The U.S. energy secretary said Friday he expects the oil market to be in balance in 2017.
But Ernest Moniz also sees supplies remaining ample due to historically high reserves.
The dollar index was flat. A weaker dollar supports demand for oil.
The weekly Baker Hughes oi rig count is due out later on Friday.