Oil hovers near 4-month highs, WTI stays above $ 50

Oil prices on both sides of the Atlantic trade range-bound to lower as we head towards the European open, having stalled its week-long run of gains.

Oil eyes NFP, rigs count data

Currently, both crude benchmarks trade largely subdued, with Brent near $ 52.50, while WTI wavers around $ 50.50 mark. Oil pauses its ongoing rally as markets resorting to locking-in gains after seven straight sessions of gains.

Moreover, investors refrain from creating fresh positions ahead of the highly-influential US payrolls data, which may have a significant impact on the USD-sensitive oil. Also, the US rigs count data will be closely watched later in the NA session.