Oil futures prices rebounded above $48 per barrel on Friday due to concerns about possible OPEC production cuts and frigid weather in the Northeast.

Light, sweet crude for February delivery rose $1.22 to $48.53 a barrel after reaching a high of $48.95 during the open-call session. London Brent crude was up $1.41 at $45.73 on the International Petroleum Exchange.

Earlier in the day, a monthly Oil Market Report from OPEC said global oil supply, particularly OPEC output, remains strong and should offset the continued strength in demand growth. OPEC also said its production may lead to a further stock-build in the first quarter.