Oil prices edged up on Friday as both U.S. crude production and inventories declined, pointing towards a tightening market.
With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, analysts said that global oil markets were on a path to rebalancing after years of oversupply.
U.S. West Texas Intermediate (WTI) crude futures were trading at$50.72 per barrel at 0023 GMT, up 12 cents, or 0.1 percent, from their last settlement.
U.S. crude inventories dropped 2.7 million barrels in the week to Oct. 6, to 462.22 million barrels, the Energy Information Administration (EIA) said late on Thursday.
Crude production slipped 81,000 barrels per day (bpd) to 9.48 million bpd, its first fall since the week to Sept. 1.
In international markets, Brent crude futures were at $56.35, up 10 cents, or 0.2 percent, from the previous close.