About $7 million worth of options changed hands Friday
Concerns remain whether Opec-led output cuts were starting to drain a global glut
August Brent crude futures were up 85 cents at $50.02 a barrel by 10:55 GMT, set for a gain of six per cent in two trading days
IEA report shows that rebalancing of supply and demand situation could come soon
Saudi Arabia's health minister, Khalid al-Falih at WEF had said that world's top oil exporter might benefit from oil below $30 per barrel