Mubasher: Crude oil prices went up on Friday, but it tends to record weekly losses for the second week in a row.

Oil prices were supported by OPEC Secretary-General Mohammad Barkindo, who said on Thursday that the oil market was moving towards a balance between supply and demand with the help of the agreement, according to Reuters.

Brent crude added 0.51% to the level of $51.70 per barrel (pb), while the price for Nymex futures increased 0.78% to $49.32 pb, by 09:05am.

This comes after the recent OPEC agreements regarding the output reduction in global markets.