Oil settled up on Friday on hopes Russia and OPEC will reach agreement at the weekend on market support initiatives to keep crude above $50 a barrel, although traders cautioned about pressure from a double-digit rise in the U.S. oil rig count.

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Russian Energy Minister Alexander Novak said he would make proposals to his counterpart from OPEC leader Saudi Arabia this weekend on price-supportive measures that could include an oil production freeze.

Some traders were sceptical about Russia's commitment after Novak also said the country might produce up to 11 million barrels per day next year to hit a new post-Soviet record. OPEC, led by Saudi Arabia, has also been pumping crude at or near record levels.

Brent settled up 40 cents, or 0.8 percent, at $51.78. For the week, it ended flat.

 U.S. West Texas Intermediate crude settled up 22 cents, or 0.4% , at $50.85 a barrel. WTI hit a July 2015 high of $51.93 on Wednesday and ended the week 1 % higher.

                                                  Oil prices, which in February hit 12-year lows of around $26, have risen more than 13 percent since Sept. 27, when the Organization of the Petroleum Exporting Countries announced plans to curb production for the first time in eight years to rein in a global crude glut that has halved prices from mid-2014 highs above $100 a barrel.