2017.12.1508:20:00UTC+00Oil Rises Despite IEA's Warning For OPEC

Crude oil futures drifted higher Friday ahead of U.S. rig count figures that may show domestic producers in the mood to drill.

The International Energy Agency warned that U.S. production would offset OPEC's supply quota plan again in 2018.

OPEC is trying to re-balace oil markets by curbing output along with Russia.

"On considering the final component in the balance - non-OPEC production - we see that 2018 might not be quite so happy for OPEC producers," the IEA noted.

"A lot could change in the next few months but it looks as if the producers' hopes for a happy New Year with de-stocking continuing into 2018 at the same 500 kb/d pace we have seen in 2017 may not be fulfilled," the IEA said.

WTI light sweet crude oil was up 20 cents at $57.23 a barrel.

Baker Hughes U.S. rig count report is due this afternoon.