Oil prices rose nearly 2 percent on Friday as traders covered short positions after four days of sharp losses, and the U.S. oil rig count fell for a seventh week in a row. U.S. crude and Brent racked up their steepest weekly declines in eight weeks after an International Energy Agency report on Tuesday predicted that the global market would remain oversupplied through 2016. “The reality of the global oversupply came in the forefront for most of the week giving back a major portion of last week’s gains,” said Energy Management Institute analyst Dominick Chirichella. U.S. crude settled up 88 cents at $47.26 per barrel, down almost 5 percent on the week. Brent for December delivery settled up 73 cents at $50.46 a barrel, down about 4 percent on the week. Prices rose early in the session on short-covering, and buying continued after Baker Hughes Inc (BHI.N) reported that the U.S. oil rig count dropped by 10 to 595 this week, the lowest since July 2010.