Crude prices rise modestly but on track for weekly loss

Crude prices rose modestly on Friday ahead of the weekend while still on track for weekly loss amid concerns about oversupply in the markets, heaping pressure on prices. 

U.S. crude futures last traded at $47.79 a barrel, up from the opening of $47.66, with an intraday high at $48.08, and a low at $47.52. 

Crude's current rise comes on weak short-covering after hovering near a four-month low earlier this week, as ongoing negative pressures on prices prevented a full recovery. 

A big U.S. inventory buildup last week reflected rising U.S. shale production, in turn nudging prices lower recently as OPEC's production cuts failed to sufficiently limit supplies in global markets. 

Markets await the weekly report on U.S. oil rigs count, and for the Organization of Petroleum Exporting Countries (OPEC)'s meeting with other producers to discuss the possibility of extending the output cuts to the second half of the year.