Crude futures remained steady around $49 on Friday posting the first weekly gain in three weeks despite oversupply.
Brent crude traded 10 cents higher at $48.90 a barrel, while the US crude fell 10 cents at $45.96 a barrel, Reuters reported.
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Primarily due to smaller-than-expected increase in oil stocks in the US, the gain was viewed as a temporary boost in the market.
PVM Oil Associates analyst Tamas Varga told the news agency: "Looking at the bigger picture, there is still lots of oil in the US."
The weekly increase gained support due to an increase ignited by a 3.4 million-barrel crude build reported by the US Energy Information Administration.
China’s Ministry of Commerce announced an increase of crude oil import quota for 2016 in the country.
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By GlobalDataOil companies, which reported a fall in income during third-quarter, said the pressure may continue until 2016.
