A fuel pump is seen in a car at a gas station in Toronto April 22, 2014. Reuters/Mark Blinch
Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before, led by recovering equity markets and news of diminished crude supplies.
U.S. crude is on track for its first weekly gain in 9 weeks, ending its longest losing streak since 1986. Brent crude is set for its first weekly gain in two weeks.
Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.
October Brent crude was up 69 cents at $48.25 per barrel as of 0615 GMT. It settled $4.42 higher at $47.56 per barrel in the previous session. U.S. crude was 65 cents higher at $43.21 per barrel, after ending up $3.96 at $42.56 per barrel.
The corresponding crude options market, however, remained muted on Thursday, suggesting most big traders were shrugging off the move as merely a correction in the year-long bear market.
“A short covering rally, led by crude oil pushed commodities higher across the board. Better than expected U.S. GDP numbers was the main spark, although the force majeure on BP’s exports from Nigeria extended the gains,” ANZ said on Friday.
“The recovery in commodity prices looks fragile with concerns over China’s growth still weighing on market activity.”
The U.S. economy grew faster than…