Oil hover near 7-week highs

Oil prices traded slightly lower on Friday and barely reacted to data from Baker Hughes which showed US crude oil rig count increased once again last week.

US rigs drilling for oil rose by 10 to 406 in the week ending Aug 12, marking  the eighth straight weekly increase

West Texas Intermediate for September was up 0.11% at $48.28 a barrel on the New York Mercantile Exchange. WTI was trading at $48.19 before the data.

Still WTI hovers near 7-week highs as the commodity has been supported by prospects of a potential agreement among world producers to freeze output.