Oil prices rose sharply on Friday, as the dollar fell and U.S. drillers cut rigs, feeding a rally that boosted global benchmark Brent crude to a weekly gain while U.S. crude was virtually flat on the week. U.S. energy firms cut oil rigs for a second week in three, the Baker Hughes energy services firm reported, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763. Earlier in the week, government data had suggested that crude output in the United States was still rising.

WTI crude futures for September delivery rose $1.42 to $48.51 a barrel, a 3 percent gain. Brent crude futures for October delivery rose $1.69 to $52.72 a barrel, a 3.3 percent gain. Brent and U.S. crude prices had both been headed for weekly declines of more than 2 percent, but Friday's sharp rally left Brent with a 1.5 percent weekly gain while U.S. crude finished the week virtually flat, down just 0.3 percent.

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