Investing.com - Oil futures bounced back on Friday but were off earlier highs as ongoing supply concerns helped offset the impact of a possible Fed rate hike in June and ample inventories.
U. S. crude futures for July delivery were up 7 cents or 0.14% at $48.74 a barrel at 0659 ET after a high of $49.28. Brent crude futures also rose 0.06% to $48.84 a barrel.
An unexpected increase in crude inventories in the U.S last week is being balanced out by ongoing supply disruptions in Venezuela, Nigeria and Libya.
The dollar remained at 7-week highs on Friday on the U.S. rate hike talk. Investors will look to U.S. rig count data due out later Friday for guidance.