Oil prices rebound; dollar firms as sterling drops

Oil prices recovered on Friday from some of the previous day’s steep slide after investor disappointment that OPEC curbs did not go far enough, while Wall Street stocks eked out a seventh straight day of gains.

U.S. crude rose 1.82 percent to $49.79 per barrel and Brent was last at $52.15, up 1.34 % on the day. Both contracts, however, ended the week lower.U.S. West Texas Intermediate (WTI) crude futures settled at $49.80 a barrel, gaining 90 cents or 1.8 %, after hitting an intra-day low at $48.18.

Brent futures settled up 69 cents to $52.15 a barrel, or 1.3 percent, after hitting a session low of $50.71. Brent oil futures were 2.7 % lower and WTI declined 1.1 %.Brent were down to 254,142 from Thursday’s 464,495, while WTI volumes fell to 726,467 from 1.15 million trades, which was the highest since Nov. 30 when OPEC first agreed to the cuts.