US oil price rebounds after sharp decline

U.S. oil price bounced back Friday as traders bought the dip after prior day's heavy selloff.

U.S. oil companies added more oil rigs this week despite the plunge in crude prices, marking the fourth straight week of an uptick in the rig count. Data showed a weekly rise of two in the number of active U.S. oil drilling rigs to 672, according to oil services company Baker Hughes' Friday report.

Upbeat economic data also boosted the U.S. crude. Industrial production of the country increased 0.6 percent in July after moving up 0.1 percent in June, the Federal Reserve said Friday.

Brent oil price was dragged down by the ample supplies. Organization of Petroleum Exporting Countries' crude production increased by 101,000 barrels per day to average 31.51 million barrels per day in July, according to the OPEC monthly oil market report released Tuesday.

OPEC maintained its output quota of 30 million barrels per day at June's meeting. The cartel accounts for around 40 percent of the global crude output.

The West Texas Intermediate for September delivery moved up 27 cents to settle at 42.5 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 19 cents to close at 49.03 dollars a barrel on the London ICE Future Exchange.