Oil retreats but steadies around $50/bbl

Crude oil prices pulled back on Friday despite a weaker dollar, with spot briefly falling below $50 a barrel during the New York session.

Oil lost nearly 1.5% to trade at $50.17 a barrel on Friday afternoon, having recovered from a session low of $49.76/bbl.

Hopes of an output deal, have supported prices over the last sessions, with the commodity reaching a 4-month high of $51.09 earlier on Friday. 

OPEC members are scheduled to meet November 30 in Vienna to discuss the details of an agreement to cut output to 32.5-33 million barrels per day. 

Meanwhile, Baker Hughes reported US oil rig count rose by 3 to 428 from 425 the previous week.