Oil edged lower Friday on some profit-taking ahead of U.S. rig count data due out later in the session.
U.S. crude was off 8 cents, or 0.17%, at $47.75 at 07:15 ET. Brent crude shed 4 cents, or 0.08%, to $50.73.
Oil continued to be buoyed the previous session by an upbeat Energy Information Administration inventories report.
The EIA reported a fall of 5.25 million in crude stockpiles in the latest week against a forecast drop of 1.79 million barrels in the latest week.
Investors are looking to the latest Baker Hughes U.S. rig count.
Increased U.S. shale activity has eroded the impact of output cuts by major producers.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.
A decision on whether to extend the accord possibly to the end of the year is expected at a meeting on May 25.