Crude oil prices gained on Friday as strong macroeconomic data in the U.S. eased some investor worries that the world's biggest economy and oil consumer could face an economic slowdown.
International benchmark Brent crude was trading at $58.95 per barrel at 0612 GMT with a 1% gain after it closed Thursday at $58.37 a barrel.
American benchmark West Texas Intermediate was at $55.23 a barrel at the same time for a 0.8% increase after ending the previous session at $54.78 per barrel.
Oil prices fell by around 4% over the last two trading days after the yield on a 10-year U.S. Treasury Note declined on Wednesday below the yield on the two-year bond for the first time since 2007, signaling a recession risk.
However, strong retail sales in the U.S. released on Thursday diminished some investor fears that the world's largest oil consumer could face a recession resulting in weak global oil demand for the rest of the year.
Retail sales in the U.S. increased 0.7% in July, coming in way higher than the 0.3% market expectation, according to the U.S. Commerce Department.
By Ovunc Kutlu