Oil fell about 1 percent on Friday as players took profits on a rally over the past week that propelled prices nearly 15 percent to four-month highs on hopes of OPEC crude output cuts.

Also weighing on the market was the steady rise in U.S. oil drilling as crude trades at or near $50 a barrel. A closely watched report by oil services provider Baker Hughes showed U.S. drillers adding rigs in 14 of the past 15 weeks.

Brent crude settled down 58 cents, or 1.1 %, at $51.93 a barrel. Earlier in the day, it hit $52.84 cents, three cents short of a one-year high.

U.S. West Texas Intermediate (WTI) crude settled down 63 cents, or 1.3 %, at $49.81.
                         OPEC is "back in business," determining oil prices, and only a "brave person" would bet against the cartel, an avowed oil bull, Andy Hall, said in a letter seen by Reuters to investors in his $2.5 billion hedge fund Astenbeck.

Since OPEC proposed a production cut plan on Sept. 28 that it said will be formalised at its policy meeting in Vienna in November, it has embarked on an unusual flurry of meetings to nail down details. Next week, the group meets with Russia for informal talks in Istanbul to get non-members to contribute to cuts.

For More Information RipplesAdvisory,Ripples_Advisory,Ripples Market Tips Ripplesadvisory.com and you can call us on :-9827808090.