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Brent crude was up 0.4% to trade at US$49.10 per barrel in London as the market looks ahead to OPEC meeting.
OPEC diplomacy continued at a frantic rate all week, but crude oil prices remain locked in a range around the 'mid-forties'.
Oil price stability was on everyone’s mind in Abu Dhabi this week, but it was clear that the current price range is not the ideal target.
Staying fit at fifty, is proving extremely difficult in such an uncertain market.
Brent crude was holding above US$50 while WTI fell below US$50 a barrel.
The prospect of the freeze in OPEC production is gaining more credibility, on Friday, Brent crude was priced above US$51.
A stronger sense of sentiment is back and in early trading on Friday, Brent crude was priced around US$52.
In early trading on Friday, Brent crude was priced above US$47 with WTI close to US$46 a barrel.
On Friday, Brent crude was priced close to US$46 with WTI above US$43 a barrel.
Brent crude was holding above US$49 on Friday with WTI finding strength around US$47 a barrel.
It has been a pretty gloomy week for oil traders - but what lies in store?
Apparent political progress in Baghdad may prove something of a de-risking factor for Gulf Keystone, but, may also help embolden DNO as it is a major contributor to the Kurdistan’s export volumes.
Just over 150,000 barrels of daily crude productionin the Gulf of Mexico is currently shut-in due to storm precautions.
Both the oil price and the crude market’s fundamental recovery remain fragile, according to Goldman Sachs.
The market is anticipating a more conciliatory tone from OPEC producers in coming weeks.
The market is betting on a change in direction from OPEC well, a pause or ‘freeze’ at least.
Analysts however are sceptical that a freeze in production at current levels would help shore up prices.
OPEC producers will only agree on a production freeze if everyone, including the Iranians agree to a cut.
Supply stats from the Middle East and USA don't bode well given the IEA has also downgraded its demand forecast for 2017.
Sentiment was not helped by Saudi Arabia reporting it pumped a record 10.67bn barrels of oil a day in July
Brent added 2.2% to US$45.30 while WTI rose to US$42.95 per barrrel
In early trading on Friday, Brent crude was priced above US$43 with WTI holding around US$41 a barrel.
The light crude price was 1.5$ higher at US$41.47.
Crude stockpiles fell by 1.34mln barrels, according to the American Petroleum Institute.