Investing.com - Oil was higher Friday ahead of the release of U.S. rig count data later in the session.
U.S. crude was up 18 cents, or 0.37%, at $48.93 at 08:15 ET. Brent crude added 15 cents, or 0.29%, to $51.89.
The market remains underpinned by compliance with output cuts by major producers.
OPEC and non-OPEC producers have agreed cuts of 1.8 million barrels a day in the first half.
Saudi Energy Minister Khalid al-Falih said the agreement may be extended beyond the six-month time frame if the market is not re-balancing as hoped.
"We’re going to do what it takes to bring the industry back to a healthy situation,” al-Falih told Bloomberg.
The Saudi minister voiced concerns about U.S. increased shale production, which could cancel out the impact of the agreed cuts.
Baker Hughes weekly rig count data are due out later in the session.
The number of rigs operating in the U.S. last week was the highest since October 2015.