Crude oil futures spiked higher Friday after industry data showed the U.S. rig count fell this week.
The total U.S. rig count fell by 3 to 946 following last week’s decrease of 5, according to the latest weekly survey from Baker Hughes.
Sept. WTI oil rallied $1.42, or 3%, to settle at $48.51/bbl for the session, but were down 0.6% for the week.
On the demand side of the equation, the University of Michigan released a report on Friday showing a much bigger than expected improvement in U.S. 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. Economists had expected the index to inch up to 94.0.
“Consumer confidence rose in the first half of August to its highest level since January due to a more positive outlook for the overall economy as well as more favorable personal financial prospects,” said Richard Curtin, the survey’s chief economist.