Oil prices trade mixed on profit taking

Oil prices traded mixed on profit taking.

Earlier, oil prices rose on a weaker U.S. dollar. The U.S. dollar declined on the latest Fed's minutes. The minutes added to the speculation that the Fed may not raise its interest rates this year. FOMC members noted that the U.S. labour market continued to improve, while the inflation remained at low levels.

"After assessing the outlook for economic activity, the labour market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labour underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting," the minutes said.

Concerns over the escalation of the situation in Syria also supported oil prices. Russia continued its air strikes against Islamic State (IS) jihadists in Syria.

Market participants are awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 26 rigs to 614 last week. It was the fifth consecutive decrease and the biggest weekly fall since the week ending April 24, 2015.

WTI crude oil for November delivery rose to $49.53 a barrel on the New York Mercantile Exchange.

Brent crude oil for November declined to $51.50 a barrel on ICE Futures Europe.