Oil prices dipped in Asia Friday, pulling back further from the psychological $50 level as traders took profit and expectations of tighter global supply receded.

At about 0645 GMT, US benchmark West Texas Intermediate for July delivery was down 32 cents at $49.16 a barrel while Brent North Sea crude, the European standard, was 33 cents lower at $49.26.

A militant group has attacked a Chevron installation in the Niger delta, a maritime expert confirmed Thursday, the latest damage to Nigeria's oil infrastructure that is dragging output to 20-year lows.

Brent crude passed $50 a barrel for the first time in 2016 on Thursday after data showed a fall in US crude inventories, adding to expectations of a tightening global market.

Incoming Philippine president Rodrigo Duterte pledged Thursday to spread economic activity beyond the overpopulated capital of Manila, calling it a "dead" city overrun by shantytowns.

Duterte said he would create new jobs by setting up economic zones outside of Manila to spread the wealth beyond the sprawling metropolis of about 15 million people, and that he would not allow any more factories to be built in the capital.

Eurozone ministers reached Wednesday a vital deal to unlock urgent cash for Greece but analysts warned promises to tackle the country's debt mountain are sketchy, spelling trouble further down the road.

Brazil's Congress authorized a major increase in the budget deficit Wednesday, handing interim president Michel Temer a first victory in his bid to tackle the Latin American giant's sickly economy.

However, the leaking of a secret recording in which a powerful ally of Temer, Senate President Renan Calheiros, is said to discuss a plan to weaken a huge anti-corruption probe posed fresh embarrassment for the new administration.

Apple faces a roadblock in its quest to open stores in India after the finance minister decided it must comply with tough local sourcing rules, a report said Wednesday, days after a visit by chief executive Tim Cook.

France said Wednesday it has dipped into its strategic oil reserves due to blockades at refineries as power workers threatened to join gathering protests against a labor law reform.

The dollar held gains against the yen Wednesday after risk appetite among Asian investors jumped on the back of rising expectations of a rise in U.S. borrowing costs.

Sentiment in regional markets turned sharply positive after stocks in Europe and on Wall Street rallied on Tuesday on much better-than-expected data for U.S. new-home sales, boosting the case for another U.S. interest rate hike.

Hong Kong stocks jumped by the break Wednesday on the back of a global rally and as energy firms were lifted by a rise in oil prices.

The Hang Seng Index surged 2.47 percent or 490.57 points, to 20,321.