In post settlement trade, prices briefly pared gains before steadying, in response to data from industry group the American Petroleum Institute showing crude inventories built up while gasoline and diesel drew down.
Preliminary data and early reads on supply and demand indicated a slight drain in USA crude oil inventories.
Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. The report also showed that production rebounded from a steep decline due to Hurricane Nate, and imports rose as well.
USA oil exports, according to an emailed market report from S&P Global Platts, have "exploded" since late September and put more oil on the global market, offsetting some of the inventory build. U.S. West Texas Intermediate crude dropped 29 cents to $52.18.
Odds for development of low in Caribbean increasing
Tropical Storm Warnings have been issued for Cuba and the Bahamas as this system will move to the northeast through the weekend. Although it is too early to see if the storm will threaten South Florida, it is one to watch, as it approaches the Caribbean.
US drillers added one oil rig in the week to October 27, but the rig count, an indicator of future production, fell by 13 for the month, the biggest such decline since May 2016, data showed. Both benchmarks were down by less than 1 per cent earlier Thursday.
The oil market has been concerned that, once the supply deal expires, producers will ramp up shipments again and cause prices to fall.
Saudi Arabia and Russian Federation both declared their support for extending a global deal to cut oil supplies for another nine months, an OPEC (Organization of the Petroleum Exporting Countries)'s official said on Friday, according to Reuters.
Philippines, Russia ink pact on military, technical cooperation
Russian Federation has delivered a large batch of weapons and military equipment to Philippines, the Manila Bulletin wrote. China has also donated thousands of assault and sniper rifles to the Philippines in a similar gesture of friendship.
The Organization of the Petroleum Exporting Countries is expected to debate extending its production cutting agreement through 2018 at its next official meeting in Vienna on November 30.
Shale production from regions like the Permian Basin in Texas now exceeds 6 million barrels per day, according to the EIA, and US crude oil exports recently reached almost 2 million barrels a day before dropping back somewhat.
The data also showed that USA crude production rose 1.1 million barrels per day (bpd) last week to 9.5 million bpd after a decline due to Hurricane Nate, while U.S. oil exports hit a new record four-week average of 1.7 million bpd.
"Saudi Arabia's determination to rebalance the market, together with ongoing geopolitical tensions in the Middle East, will remain supportive of oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Microsoft Corporation (MSFT) Q1 Earnings Beat As Azure Sales Surge 90%
The company has been pushing heavily into cloud services, including Azure and its subscription-based Office 365 product. A weaker point in the quarter was gaming revenue, which slipped 1%, ahead of the launch of the Xbox One X on Nov.7.
Some of the concern around oil exports from the northern part of Iraq eased after Kurdish authorities offered to suspend their independence referendum and proposed ceasefire.