Oil prices kept rising Friday after the U.S. oil rig count decreased to the lowest level since May.

The number of rigs operating in U.S. oil fields fell by eight to a total of 729 rigs this week, notching the lowest level since May, oilfield service firm Baker Hughes said in its weekly report on Friday.

However, the rig count, an early indicator of future output, is still much higher than a year ago when the active rigs number stood at 450.

Meanwhile, traders were also encouraged by continuing expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries will extend a deal to cut output.

The OPEC will meet at the end of November to discuss further action.

The West Texas Intermediate for December delivery increased 1.10 U.S. dollars to settle at 55.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery jumped 1.45 dollars to close at 62.07 dollars a barrel on the London ICE Futures Exchange.