Magnifying previous session’s gains, crude oil futures settled in green on Friday amid easing U.S. recession fears, and on optimism over increased demand for oil in the U.S. and China. Demand worries have eased after a slew of U.S. economic data released on Thursday pointed to a resilient economy. Data showing the U.S. economy grew more than expected in the second quarter, has helped quell fears of an imminent recession. Some support also came in amid warnings of tight supply due to production cuts by OPEC and its allies. Meanwhile, China stimulus hopes spurred expectations of oil demand regeneration from the world's largest importer of crude oil.
Benchmark crude oil futures for September delivery rose $0.49 or about 0.6 percent to settle at $80.58 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.75 or about 0.9 percent to settle at $84.99 a barrel on London's Intercontinental Exchange.