Crude oil futures nudged higher Friday morning as the dollar relented versus major rivals after surging to a 13-year high, says rttnews.

Disappointing housing data helped take the wind out of the dollar's sails, giving commodities a reprieve from steep mid-week losses.

The mid-week drop in crude oil prices was less pronounced, however, as the government reported a large drawdown in U.S oil inventories.

WTI light sweet crude oil was up 24 cents at $51.13 an ounce this morning, moving back near 18-month highs.

Last weekend, OPEC and Russia formalized plans to cut production as a way to keep oil prices afloat.