Mubasher: Oil prices on Friday extended gains amid expectations of higher demand, and ahead of Baker Hughes rig count data due later in the day.

By 08:35 am GMT, Brent crude futures rose 0.05% to $65.15 per barrel (pb), while Nymex crude upped 0.07% to $61.23 pb.

On Thursday, the International Energy Agency (IEA) revised up its global oil demand forecasts to 99.3 million barrels per day in 2018, but projected an increase of 1.8 million barrels a day in US oil production.

Meanwhile, the latest data by the US Energy Information Administration (EIA) showed that the US oil supplies reached 10.41 million barrel per day, sparking investors’ concerns over the quickly rising oil production.

Investors also eye Baker Hughes’s oil rig count report due later today.