Investing.com - Crude prices rose on Friday after bottom fishers snapped up nicely priced positions in the commodity on the view futures were oversold after hefty declines, while upbeat U.S. economic indicators also supported oil.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded up 0.29% at $82.94 a barrel during U.S. trading. New York-traded oil futures hit a session low of $82.47 a barrel and a high of $84.43 a barrel.
The November contract settled up 1.12% at $82.70 a barrel on Thursday.
Nymex oil futures were likely to find support at $79.78 a barrel, Thursday's low, and resistance at $84.83 a barrel, Thursday's high.
Oil prices have fallen in recent sessions on concerns that global supply far outstrips demand, though by Friday, investors viewed the commodity as oversold.
Upbeat U.S. consumer sentiment data supported prices as well by fueling expectations that a more robust economy will consume more fuel and energy going forward.
The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to a seven-year high 86.4 for October from 84.6 in September. Analysts had expected the index to slip to 84.1 in October, and the surprise firmed the dollar and eclipsed mixed housing data.
Elsewhere, the Census Bureau reported earlier that U.S. building permits rose 1.5% to 1.018 million in September, disappointing expectations for an increase of 2.8% to 1.0.29 million units, after a 5.1% drop to 1.003 million units in August, which capped gains somewhat.
The report also showed that U.S. housing starts rose 6.3% in September to 1.017 million units, beating expectations for a 4.8% gain. Housing starts for August were revised to a 12.8% fall from a previously estimated 14.4% decline.
Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were up 0.09% at US$85.90 a barrel, while the spread between Brent and U.S. crude contracts stood at $2.96.