Global oil prices rose more than 1.8 percent on Saturday, but analysts remained cautious about record-high crude inventories.

Global crude oil prices rose for the third straight week. During the week in which crude benchmarks touched a one-month high on increased hopes world supply and demand were nearing balance. 

At the same time, the U.S. oil rig count rose to its highest level in two years, threatening the re-balancing of markets. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to April 13, bringing the total count up to 683. The number of U.S. rigs has increased for 13 consecutive weeks. 

So, Benchmark Brent crude futures ended the week at 55.89 dollars a barrel, rising 1.2 percent during the week. U.S. West Texas Intermediate crude closed the week at 53.18 dollars a barrel, climbing 1.8 percent during the week.

Meanwhile, OPEC meets on May 25 to consider extending the cuts beyond June. Saudi Arabia, Kuwait and most other OPEC members are leaning toward this if agreement is reached with other producers. Also, OPEC data showed members of the group had cut March output beyond the level they had promised.