Brent crude futures gained 30 cents, or 0.3%, to $87.66 a barrel at 01:13 GMT, while U.S. crude rose 21 cents to $81.22 a barrel, a gain by 0.3%.
Both benchmarks had gained more than 1% on Thursday. Brent was on track to post its second weekly gain if the gains hold.
Improving U.S. gross domestic product and inflation data raised hopes that the U.S. Federal Reserve may ease its pace of interest rate hikes, easing fears of a cut in inflation. economic activity and the resulting demand for oil.
Meanwhile, critically ill COVID-19 cases in China have fallen 72% from a peak earlier this month, while daily deaths among COVID-19 patients in hospitals have fallen 79% compared to their peak, the Center for Disease Control and Prevention said earlier this week. The figures point to the normalization of the Chinese economy, bolstering expectations of a recovery in oil demand.
Crude prices were also supported by strong demand for jet fuel and diesel as supplies remained tight. In addition, the European Commission is proposing to the European Union to set a price cap of $100 per barrel on premium Russian petroleum products such as diesel and a cap of $45 per barrel on discounted products such as than fuel oil, EU officials said on Thursday.
Gains, particularly on U.S. crude, were limited, however, by a buildup of 4.2 million barrels of inventory at Cushing, the price hub for NYMEX oil futures, earlier this week.
