Oil exports surged to record highs last week, as the Gulf Coast clears of the incoming storms. The reports from the US Agencies came in showing a decline in rig count throughout the week.
The prices for oil dipped down as Saudi Arabia vowed to bring the output cuts to the agreed upon number.
U.S. West Texas Intermediate (WTI) front-month crude futures were trading at $49.48 per barrel at 0436 GMT, up 19 cents, or 0.4 percent, from their last close.
Brent crude futures, the international benchmark for oil prices, were up 16 cents, or 0.3 percent, at $55.78 a barrel.
However, the declining number of rigs and Saudi Arabia’s renewed commitment to bring the output to agree upon cuts will hinder anymore decline in the oil prices. State-owned oil giant Saudi Aramco is planning to float around 5 percent of the firm in an initial public offering next year.
A reported cut in the number of U.S. oil rigs drilling for new production provided some price support. The oil rig count fell by two to 748 in the week to Oct 6, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.