Crude oil futures extended their gains on Friday with a rally after industry data showed the U.S. rig count fell the week, while on the demand side of the equation, the University of Michigan released a report on Friday showing a much bigger than expected improvement in US consumer sentiment in the month of August. The report said the preliminary reading on the consumer sentiment index for August jumped to 97.6 from the final July reading of 93.4. 

Meanwhile, oilfield services firm Baker Hughes, showed its weekly count of oil rigs operating in the United States last week fell by five rigs to a total of 763. The dip in U.S. oil rigs eased investor concerns that rising U.S. production could hamper OPES’s ability to stem the glut in supplies.

Benchmark crude oil futures for September delivery ended up by $1.42 or 3 percent to $48.51 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by 3.59 percent at $52.87 a barrel on the ICE.

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